Risk Management

The concept of risk management has been around for many years. In recent years the concept of Enterprise Risk Management has evolved to address the fact that organizations of all sizes face a broad array of risks to success across the entire enterprise. Attempting to establish a framework, The Committee of the Sponsoring Organizations of the Treadway Commission (COSO) has drafted Enterprise Risk Management Framework to serve as a common basis for managements, directors, regulators, academics and others to better understand enterprise risk management, its benefits and limitations, and to effectively communicate about enterprise risk management issues. In that document, COSO defines Enterprise risk management as follows:

Enterprise risk management is a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.

The Framework further discusses that this definition reflects certain fundamental concepts. Enterprise risk management:

• Is a process – it's a means to an end, not an end in itself
• Is effected by people – it's not merely policies, surveys and forms, but involves people at every level of an organization
• Is applied in strategy setting
• Is applied across the enterprise, at every level and unit, and includes taking an entity-level portfolio view of risks
• Is designed to identify events potentially affecting the entity and manage risk within its risk appetite
• Provides reasonable assurance to an entity's management and board
• Is geared to the achievement of objectives in one or more separate but overlapping categories

CoreVision works with organizations on the development of a comprehensive risk management program. We have an experienced and well respected team of risk management professionals that work with clients to create a realistic assessment of the current situation and subsequently implement the appropriate measures.

The Risk Management services we offer include:

• Formal risk management department policies and procedures
• E-learning deployment of safety training
• Claims administration policies and procedures