HOW WE HELP MITIGATE RISK
KIPROD CRMS helps mitigate high-risk issues, translating risk into millions of shillings saved and further improving the performance of company programs and operations. Our risk management professionals leverage best-in-class frameworks and practices that deliver great success. Our experts work with all levels of stakeholders to enable a more transparent and risk-aware culture inside companies, by helping to develop a formal risk strategy through the modification of processes and establishment of a risk management organization and structure.
KIPROD can assist organizations such as yours with their ERM initiatives using the following approaches:
- Conducting a Risk Management Communication & Awareness workshop for all stakeholders (Board of Directors; Senior Management; Audit team; Heads of Departments or Process Owners). This is because an ERM process and risk management framework has to find synergy with the organization’s culture.
- Conduct a gap analysis of your risk management framework, which includes a diagnostic review of your risk governance framework and credit risk management practices compared with industry best practices and regulatory guidelines.
- Design, build, and test a customised ERM process and framework and develop organizational consensus through vetting of the initial prototype
The true value of ERM is recognized when it is integrated into the organizations culture and embedded into the strategic decision-making and business planning. Benefits that your organization can achieve if you invest time and resources to select a suitable approach to your ERM include the following:
- Performance management: Increase certainty of achieving critical key performance indicators (KPIs).
- Capital efficiency: Align capital more accurately with the risks being taken and ensure that risks are being suitably rewarded.
- Stakeholder management: Better alignment with expectations of key stakeholders.
- Operational excellence: Reduce impact of surprises and boost benefits of a well-managed portfolio of risks.
- Reduction in Total Cost of Risk (TCOR): Free up capital to further invest in growing the business.
