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Enterprise Risk Management in Business is used by Organizations to Manage Risks
Risk Management is about taking the necessary measure to seize opportunities and manage risks in business. There are many risks involved in the operation of business, which could affect the stakeholders within the enterprise. Some of these risks include Hazard Risk, Financial Risk, Operational Risk and Strategic Risk.
Enterprise Risk Management employs methods and solutions to address these risks and achieve the business’ goals and objectives. There are many risks including internal and external factors that need risk management solution. Risk management solution provides an enterprise risk management by integrating documentation and assessment of risks, defining controls, managing audits, identifying issues and implementing recommendations and remediation plans. The risk management solution includes powerful tools for risk analysis and monitoring such as configurable risk calculators and risk heat maps.
Risk management delivers effective management control through increased shareholder value, optimized risk or returns outcomes, reduced compliance cost and improved business performance. Because of the risk management solution, an enterprise or business would be able to put goodwill in its brand or output and have a premium over its holdings in the market. Furthermore, the increased visibility of risk in the enterprise provides the management a better internal control to address the risk.
If a bank grants wholesale lending to a particular enterprise, it would post various risks. And if the enterprise risk management is weak, a possible leak and business disadvantage would occur within the business, which is why tracking of collateral is needed to identify and provide quick and prompt method of eliminating errors of information. Tracking of collateral for wholesale lending automates the identifying of deposit to be collateralized and communicates the collateral requirements to the Treasury group. The treasury group that relies on the tracking of collateral reports will be able to calculate the interest and value involved in the wholesale lending. A management control within the business of wholesale lending by a bank does not only post benefits to the enterprise but also to the stakeholders within.
It maybe that an enterprise fails to measure the risks in its operation, which consequently affects the overall brand or image of the business. However, if risk management is applied, there is no reason for the possibility of leakage and weakness. There are many risk management systems solution available for various types of enterprise. This system solution is an automated system that measures the risks within the enterprise and provides methods and processes to seize the opportunities rather than failing to take the advantage. The system usually involves identification of particular events or circumstances relevant to the organization’s objectives, assessment of risk and opportunities in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress.
There are at least eight known components of framework for risk management, this include internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication and monitoring. The framework suggested would only be possible and attainable if implementation is strong.
The likelihood that a business would achieve its goal is dependent on the risk management and measures employed by every enterprise. Seizing opportunities is the key to a business growth.
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Access to credit reports is difficult to obtain; the government offers each person one free look per year at their credit report. Since recordings change frequently, one view per year is not enough for those who are truly concerned about their credit. Ordering a credit score report from other trusted companies on the web is advised for continual monitoring. Here is a quick review of important facts about why monitoring credit reports regularly is so crucial:
1. Access To Unknown Reports
Recordings may be reported that the consumer is not even aware of. Everyone has forgotten various bills for things they have signed up for, such as monthly subscriptions and various types of membership clubs. Some companies with high membership or subscription fees may report items which are severely past due and have accumulated a large amount.
2. Improving Chances Of Success For Those Seeking Employment
Many times different items may be added to a credit report which will cause serious problems. Those seeking a job will find that undesirable recordings on a credit report may result in disqualification for a position applied for. In today’s tough economy, knowing what is on one’s credit score is crucial to avoid being disregarded for good jobs.
3. Discovery Of Mistakes
With the rising popularity of identity theft, monitoring a credit report may save the consumer from costly hassles. While it is possible to stop, catch and prosecute criminals responsible for this, the process is lengthy and usually requires large amounts of out-of-pocket money from the victim. Catching mysterious isolated reports before they materialize into a long list is highly advised to protect one’s identity.
4. Working On Credit Improvement
Due to the current economic crisis, excellent credit is needed for approval of credit cards and loans for vehicles. By working to contact creditors and resolving issues recorded on a credit score report, the consumer will enjoy an increased score and removal of undesirable records.