Director Today - December 2018

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Company's Enterprise Risk Management runs across it's both 'risk identification and mitigation' and 'exploitation of opportunity'. Cross functional teams work with marketing and public relation groups to proactively mitigate and manage reputational risks. The leading companies have three layers for defence of risk management: risk self-assessment, internal corporate audit and audit by third party auditors. In the present competitive environment no market leader can afford to have any tolerance to risks relating to compliances and frauds. Operational companies that are involved in project execution very often map the risks with risk drivers for all projects on a continuous basis. Board is expected to encourage positive thinking that the approach to risk management does not result in optimism that either leads to significant risks or exposes the companies to excessive risks.