In Contego's Methodology, Risk management is defined as a corporations attempt to address risk while achieving management objectives. We believe organizations can achieve long-term success by managing risk through the effective use of internal controls. Internal controls are specific activities performed by people or systems designed to ensure that business objectives are met. Careful design, documentation, and operation of controls are crucial at every level of the organization.
Most organizations cannot intelligently address risk without both IT and the business sitting down together and defining risk tolerances and control objectives. Since the consequences of risk are evaluated in terms of reaching business goals, this helps integrate IT into business discussions and trade-offs and eliminates after the fact finger-pointing by virtue of the transparency involved in risk management. Furthermore, some organizations do not have their IT and audit departments working together and they both operate independently, this limits the organizations ability to think holistically about their associated risks and therefore they do not speak the same risk language or even have the same approaches towards their organizational risks.
Having a holistic view of your organizational risks is crucial to you developing a comprehensive risk management strategy. Using Contego's Methodology, we can help your organization with the following risk activities:
- Identifying risk
- Analyzing and prioritizing risks
- Identifying controls
- Analyzing controls
- Planning and scheduling implementation
- Tracking and reporting risks and controls
- Operating controls