Mentoring and Peer reviews

The costs associated with designing a Risk Framework and resourcing a team to implement are insignificant compared to the costs in implementing in your company.  It is true that the costs design a Risk Framework are material costs to you, however the real costs are in the deployment of your risk management system, the staff that engage with the risk processes and reporting, and the support costs in doing this.

The weaknesses that you have in your Framework and implementation approach will undoubtedly show up in the day to day field work of implementing risk management.

CorProfit offers mentoring as well as peer reviews of your risk management functions (from Framework Design to Implementation in the business lines).

This provides checks and balances to ensure that you make positive and cost beneficial progress in implementing risk management.

• Gap Analysis of the Risk Framework

It’s fairly obvious from research about the topic that there is no universal risk framework that your company can draw on as the explicit one, whereas for comparison purposes there is for the accounting profession for producing financial statements.  The most respected risk management standards and codes do not prescribe the exact process that should be followed (they provide broad guidelines only), but rather leave your company to determine its own framework.

It follows that risk management is seen as a performance management tool and the best frameworks will make a difference in achieving superior results in a competitive global market place.

CorProfit reviews your Risk Framework against a benchmark Framework while taking  taking into consideration your unique contexts and objectives for risk management.  We provide you a report of the gaps in your Risk Framework and the implications of not dealing with them.

Risk management is still a developing industry and there’s not a lot of precedence in the market place to show up the most outstanding ERM frameworks that can support the real needs of risk management.

CorProfit leadership ensures that you have a Risk Framework that is capable of being implemented by collaborating with CorProfit.

• Gap Analysis in your Implementation Plan

It is sensible to ask these two questions when embarking on your ERM implementation:

What are the objectives of the ERM implementation?

Where do we want to be in 3 years’ time?

We in CorProfit in turn ask, “if you knew now, what you will know in 3 years’ time, would you have changed the way you started out now?”

You answer would naturally be, definitely, we would start out differently!

CorProfit stands unique in having the knowledge and experience of what your ERM journey would look like in the ideal, in 3-years’ time.

We work in with you to show you the gaps in your ERM Implementation Plan, gaps that would otherwise impede you in achieving the goals you have for ERM.

There is no published body of knowledge about ERM implementation, CorProfit is setting the trend here.

• Mentoring Services

There’s a truism in Risk Management that the level of maturity in your company reflects the competency of the head of risk management.

Your investment in having CorProfit provide mentoring services to your Risk Management staff leads to a fast-tracking of your risk practices to deliver business value.

The costs to resource Risk Management and ERM is an investment, it pays for itself over and over.