What Is Corporate Risk Management?
Risks affect every aspect of business including operations, economic performance, finances, health and safety, environment, professional reputation, and public image. All businesses, irrespective of size and type of ownership, must manage risks to survive and thrive.
Corporate risk management is a process to identify, categorize, and prioritize risk, followed by action plans to lower and/or reduce the probability and impact of the risk.
At Verum Corporate Risk Management, we specialize in helping public and private companies manage their risks effectively, especially in the environmental, health and safety areas. We work with senior management and stakeholders to develop a strategic and systematic risk management approach which is customized to your business goals.
All businesses need to manage risks. It is best to take a proactive approach, using CRM. In this way, you manage the critical risks to your business --- not the other way around. At times, a “trigger event” takes place that forces action and attention. In this case, it is important to have a focused team of experts to rapidly apply CRM practices. A trigger event would include:
- Site closure
- Site acquisition or divestiture
- Environmental liability issues
- Regulatory audits or inspection
- Health and safety issues
- Community impact events