Risk Management Standard and Best Practices

Implement effective risk management in line with ISO 31000 Risk Management standard and best practices. We provide a total solution for your effective risk management implementation. From initial project initiation and staff training, to facilitating risk framework documentation and implementation guide to providing software that automates the whole process. That is what Summit Consulting Ltd is all about.

Why summitRISK?

summitRISK is a software that automates the risk management process enterprise wide. The summitRISK software helps close the huge gap in the management of Enterprise Risk. Instead of keeping a manual risk register, the whole process is automated.

Risk is the impact of uncertainty on the organizational objectives. The uncertain events might be threats or opportunities. For example, as you are leaving home to the workplace, the objective is to arrive by 08:00am sharp. What event would happen along the way that could affect your achieving of the objective? Traffic jam, a police officer could pull you aside or having a flat tyre, are possible events.

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In our summitRISK solution, we want to ensure that events which could fail the attainment of the business objectives are effectively identified and managed, in an effective way by incorporating the process as part of the organizational culture.

From an organizational perspective, how do you manage the risks of the business? As risk management evolves to become a core area of business practice driven by the board, it is important to have effective systems that empower staff to be risk champions. The business is having so many stakeholders and partners. Therefore, the expectations are high. But the working environment is tough. This is why you need a solution that collects all this information, analyse and provides it in a clear dash board for management to make decisions. This is why we came up with the summitRISK which is a governance, risk and compliance solution.

To know more about the solution, download a brochure here….

Is risk all about the risk department?

Risk management isn’t just about having stationed managers. But an ideal risk culture whereby every staff in the organization is a risk champion/ owner. The risk manager helps coordinate the activities of risk management within the organization.

The risk manager also ensures that each staff regardless of their job title have key responsibilities for ensuring that any event whether an opportunity or threat that might happen and affect organizational objectives is proactively identified and managed.

In most cases, people do not understand what risk is. This is why an organization hires a risk manager. The risk manager should be more knowledgeable in the field of risk management. The primary role of a risk manager is to champion the risk agenda and ensure effective implementation of Enterprise Risk Management (ERM) framework.

Experience has shown that to effectively implement risk management in any organization that has got a risk manager, there should be risk champions as well.

Champions are representatives from each company department. Their primary role is risk identification and training other staff in the organization. That is what effective risk management is all about.


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