ENTERPRISE RISK MANAGEMENT

Abstract

Enterprises have an innate risk that they undertake in any market or set up these risks come from changes in technology, legal environment, compliance or environmental scenarios. These risks can have high financial impact, reputation loss, oh complete breakdown of an enterprise but they also allow for value creation and opportunities to gain a competitive edge. In today’s landscape of uncertainties and dynamic changes occurring across the landscape enterprises must manage the impact from these uncertainties and structural shifts. Traditional methods to find these risks and its impact in financial, reputational, legal framework can no longer be used. This report covers methods to identify, calculate the impact of the consequences, mitigate and monitor for future analysis of risks. We utilise the 2 primary frameworks off COSO and ISO 31,000: 2018 to find the best approach while working with the risk. This report also covers a practical application of the literature review by utilising a case study of zippy.AI to utilise the methodology found in the literature.