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Sustainable growth, an imperative for today’s organisations, rests partly on finding the upside of risk, and investing in high-return opportunities.
Yet mid-size businesses can rarely afford costly bets to fund bold steps towards growth, such as geographical expansion, new product development, or acquisitions.
At Grant Thornton we believe that a proactive approach to risk taking is key to growth. Businesses need to embed smart risk management in their decision-making processes, and develop a proactive and resilient risk management culture.
To do so, organisations need to start at the top: while the Board and Senior Management define the direction, mid-managers and process owners are at the forefront of mitigation, and risk managers and internal auditors supply the monitoring and reporting necessary to long-term resilience.
Businesses also need to adopt a framework that unifies all risk management initiatives. When properly applied, Enterprise Risk Management (ERM) serves as a practical approach that aligns business operations with corporate strategy by addressing the internal and external risk factors that may impact a company’s success.
Working in conjunction with many of the operational elements and risk assessment activities that already exist in your business environment, ERM can help your organisation to:
- Establish a consistent culture of risk awareness and reinforce a common risk language
- Enable consistent and objective risk identification, analysis and reporting, providing tools to corporate and business unit management for risk evaluation and monitoring
- Leverage Internal Control over Financial Reporting (ICFR) and compliance program activities to address financial and regulatory risks, and further drive value from the ongoing compliance processes
- Align annual performance goals with risk identification and management
- Identify strategic risk opportunities that, if leveraged appropriately, can generate positive returns
From securing investments to fuelling growth, there are many advantages to fostering proactive risk cultures amongst mid-size businesses.
Partner & National Head of Business Risk ServicesContact George