Risk ManagementThe ability of business managers to systematically identify, analyse and address the risks that exist within their business is considered an integral part of good business practice and a central component of any Corporate Governance Program.
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The requirement for businesses to have a documented Risk Management Program is now quickly becoming the norm rather than the exception as regulators, financiers and insurers are insisting that companies have such programs, either as part of their licence conditions or as a key condition of doing business.
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'Investors will reward or penalise companies based on their perceptions of risk management: 82% will reward good risk management by paying a premium, but 61% have avoided investments because of insufficient risk management and 48% have de-invested because of it.’
Ernst and Young, 2006
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What constitutes a Risk Management Program is clearly defined by the Australian Risk Management Standards (AS/NZ 4360:2004). The Australian Standard is a 7 step management methodology that is benchmarked by many regulators including ASIC, the ASX and AUSTRAC.
Working with the Australian Standard for Risk Management CompliSpace has created a comprehensive Risk Management Program and a range of services that can be tailored to meet the needs of individual businesses. We recognise that risk management is a journey which evolves as specific organisational needs and capabilities mature. CompliSpace is able to tailor its Risk Management Program to clients whether they are in start up phase or already have a structured Risk Management Program in place.
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Key features of the CompliSpace Risk Management Program includes:
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 Processes documented in line with the Australian Risk Management Standard (AS/NZ 4360:2004)
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CompliSpace risk categorisation methodology providing a 'common risk language'
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A risk appetite utilising CompliSpace's likelihood and consequence definition methodologies
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Online risk register that can be quickly and effectively linked to risk controls and treatment plans
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Advanced risk reporting
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CompliSpace’s Risk Management services include:
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Senior management workshops that develop an understanding of the risk management process
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Facilitation of risk identification
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Access to comprehensive libraries of common business risks, controls and treatments
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Facilitation of the development of risk controls and treatment plans
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Risk audits and independent reviews
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CompliSpace leads the market in the provision of simple, comprehensive, value-for-money Corporate Governance programs and services. Contact us to see how we can bring good governance to life in your organisation.
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