Risk management for your business

Companies are evolving in an increasingly uncertain environment. The arrival of a new competitor on the market constitutes a threat to the achievement of your company's objectives, just like a breakdown or a theft. Technical faults, rising raw material prices or shortages are also part of this. Not to mention the non-payment of a customer, the rapid change of technology, the introduction of new laws (national and international) or health crises as we are currently experiencing. Each of these risks, taken alone or in combination with others, should make us think about economic risk. Risk management is more than ever at the center of our concerns.

What are the stakes for risk management?

Enterprise risk management allows us to deal with foreseeable natural and technological risks. This ERM is broken down into three main actions:

• methodical identification of threats, the probability of the occurrence of the risk or of what could go wrong (among other things, the modeling of risk sources)
• understanding, assessing and prioritizing risks that need to be addressed urgently
• Implementing risk management strategies and systems.

The process improves your decision making by anticipating what could go wrong. This ERM process is a real asset by better monitoring the effectiveness of your approaches and controls to prevent disaster or serious financial loss in the worst case scenario.

ISO 31000 standard

The standard on enterprise risk management has been around since 2009, most recently revised in 2018. The ISO 31000 is therefore the reference standard for risk management strategy that provides guidelines for developing strategies and improving your company's performance.

This standard allows for example to map all the risks inherent to your activity or your environment.

Extrend Consulting can assist you in the voluntary implementation of this standard and in the drafting of the risk inventory. Call upon our services to assist you in the evaluation and verification of your risk management strategies. We help you to understand and formalize all the preventive and corrective actions.