Every business faces risks that could present threats to its success.
Risk management is the practice of using processes, methods, and tools for managing these risks.
Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the business risk will be better prepared and have a more cost-effective way of dealing with them.
At Pricoris, we offer solutions on ISO 31000, NIST RMF, Operational Risk, Enterprise Risk Management and COSO.
Operational Risk ERM COSO & ISO 31000 Training
Operational Risk
Operational risk is associated with human error, system failures, and inadequate procedures and controls. It is the risk of loss arising from the potential that inadequate information system; technology failures, breaches in internal controls, fraud, unforeseen catastrophes, or other operational problems may result in unexpected losses or reputation problems. Operational risk exists in all products and business activities.
It is imperative for an organization to effectively manage operational risks that are inherent in the delivery of the business strategy. And its success can be best achieved when program measures are aligned with organizational strategy, targets, and values.
Pricoris’ consulting and management services will help you identify, assess and evaluate operational risks
Current State Assessment (CSA) of Operational Risk
Pricoris’ Current State Assessment (CSA) provides an in-depth assessment of the capability and maturity of your current Operational Risk management based on industry best practices like Basel 2 Framework. The CSA will provide you with detailed findings, recommendations and metrics defining the current maturity of operational risks in your organization. At the end of the study, Pricoris provides expert recommendations to heighten the sophistication and maturity of all aspects of operational risk management/monitoring framework, be it RCSA and its integration with Internal Financial controls. The CSA is an excellent first step to establish a baseline of maturity and capability and to develop a roadmap for future improvement.
Schedule a free Operational Risk consultation
Design & Implementation of ORM Framework
Pricoris’ team understands that organizations need to have an effective, integrated operational risk management framework. This should incorporate a clearly defined organizational structure, with defined roles and responsibilities for all aspects of operational risk management/monitoring and appropriate tools that support the identification, setting of minimum standard risk and control libraries, assessment, control and reporting of key risks so that it focused on the top risks and KRIs, as well as structures and role profiles.
Enterprise Risk Management, COSO & ISO 31000
Even in the earliest stages of implementation, Enterprise Risk Management (ERM) can improve an organization’s risk management – transitioning it from an isolated departmental view to a balanced, multi-team perspective. It is a means to aggregate and refine your business’ risk exposure assist many of your teams in making more informed decisions while evaluating it all from a more complete analytical view.
Current State Assessment (CSA) of Enterprise Risk
Management/COSO/ISO 31000
Pricoris’ Current State Assessment (CSA) provides an in-depth assessment of the capability and maturity of your current Enterprise Risk management practices based on industry best practices like ISO 31000 and COSO. The CSA will provide you with detailed findings, recommendations, and metrics defining the current maturity of risks in your organization. At the end of the study, Pricoris provides expert recommendations to heighten the sophistication and maturity of all aspects of risk management/monitoring framework, be it ISO 31000 Framework and its integration with Internal Financial controls. The CSA is an excellent first step to establish a baseline of maturity and capability and to develop a roadmap for future improvement.
Design & Implementation ERM Framework/COSO/ISO 31000
Pricoris’ team understands that in order to master the numerous aspects of enterprise risk management, you must integrate it into the culture and operations of the business. Risk must be managed throughout the organization using a coordinated and “un-siloed” approach. To be effective, risk needs to be managed at an enterprise level–strategically as well as tactically.
Pricoris consultants understand how to use the guidance provided by ISO 31000 and COSO to implement a risk assessment methodology that can be used consistently and effectively to assess all types of risk to your organization.
Design & Implementation ERM Framework/COSO/ISO 31000
Pricoris’ team understands that in order to master the numerous aspects of enterprise risk management, you must integrate it into the culture and operations of the business. Risk must be managed throughout the organization using a coordinated and “un-siloed” approach. To be effective, risk needs to be managed at an enterprise level–strategically as well as tactically.
Pricoris consultants understand how to use the guidance provided by ISO 31000 and COSO to implement a risk assessment methodology that can be used consistently and effectively to assess all types of risk to your organization.
Training & Awareness
Fundamentals of Risk Management based on ISO 31000 and COSO
This is a practical introductory course in Enterprise Risk Management (ERM) and ISO 31000 and COSO the global risk management standard and best practices. It uses real-life practical examples to bring to life the way risk management works in practice. Students will learn risk management tools and techniques including Fundamental concepts, ERM Framework, Risk culture, etc. which they can immediately apply at work.
Each part includes exercises and/or case studies for a deeper and more effective understanding of the processes, tools and techniques explained.