Value

Contribution to the Enterprise

Considering the above on the state, imperatives and opportunities in an enterprise’s risk management practices, we highlight below a few key focus areas where EKG can help/enable enterprises:

Holistic, inter-related, strategy aligned and performance monitoring integrated risk management

The topical approaches to risk management is a direct result of the silos of operations in various enterprise units. As outlined in the earlier sections, through Business Identities, EKGs can enable enterprises to align business strategy with the operating model and the performance management, thus creating bridges between and aligning the silos of operations to enterprise strategy. The interrelationship, in the context of strategic objectives, can enable risk management to evaluate and monitor risk in a holistic manner. Qualitative and subjective metrics to more quantitative and objective metrics based risk management practices: Narrowly focused risk factors, owing to siloed specialisations have led to use of predominantly qualitative metrics in risk monitoring. EKGs can help align risk factors with metrics in performance management, thus helping in use of more effective quantitative objective metrics in risk monitoring.

Evaluation and prioritization of emerging risks through explorative analysis:

Specialised areas of risk dominate focus of risk management, while strategic issues require a coordinated action across multiple operational areas. In helping to align risk monitoring more closely to the strategic issues, EKGs can enable enterprises to evaluate and prioritize key emerging risks affecting the strategy through enterprise wide, exploratory scenario-based analysis.