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Rio Tinto takes ARM (15/10/2008)
Rio Tinto, the leading international mining group, has selected Strategic Thought Group’s Active Risk Manager software solution to enable the roll out of its integrated global risk management program. more
S&P's and the ERM Review
S&P's announcement that from next year they will review the quality of enterprise risk management (ERM) as a new component in their reviews of credit ratings - for all listed companies – can be seen as the catalyst for a wave of change in business leadership and performance management around the world. more
Disciplines of RM >
Compliance
Recent studies have confirmed that compliance with corporate governance recommendations and regulations is the main driver behind the implementation of risk management systems. Given government initiatives such as SOX, UK Turnbull/Combined-Code as well as more stringent and severe mandates of board level responsibility for effective risk management from the SEC and the LSE for instance, this has come as no surprise.
Global financial markets are increasingly requiring organizations to guarantee not only the accuracy of their financial statements, but also to report on the controls that they have put in place in order to protect the business. Furthermore, third-parties (e.g. auditors) need to be given a full-view of this information so that they too can confirm the efficacy of an organization’s controls and the accuracy of its financial reports.
Forward thinking organizations are looking beyond mere compliance to SOX through other frameworks, such as COSO, to improving their company performance via effective and efficient enterprise risk management. This is where Active Risk Manager adds real value and helps to deliver the ERM vision.
If you are interested in reading more please download the full Sarbanes-Oxley White Paper from the sidebar on the right.
Benefits that Risk Management can bring to your Compliance Requirements:
- Communication of compliance to the market offers increased public confidence in the firm and encourages and increase in customers.
- Effective risk management policy in place delivers regulator confidence leading to increased public confidence and increased stock value.
- Approved controls are in place delivering a clean record and regulator confidence leading to improved public sentiment and stock value.
- Planned safety measures in place buoys public confidence leading to more customers and increased revenues.
- Demonstrable compliance reduce the personal legal liability of senior executives.
- Compliance standards offer senior management a method of benchmarking corporate quality against similar companies as well as within the company across divisions (e.g. IT security in different subsidiaries).