The growing role of risk management
The importance of risk management has grown dramatically in recent years. In an era marked by globalization, market deregulation and cost pressure, more and more companies see the need to manage risks and opportunities in a structured manner. Various institutional guidelines for risk management also exist, including:
- BilMoG and KonTraG (DE), OR (CH), URÄG (AT) and other legal requirements
- Guidelines for credit assessments and rating methods (e.g. Basel II)
- Non-binding guidelines (corporate governance codex)
Companies that want to effectively fulfill their legal and internal requirements can no longer address individual risks in isolation. Through an integrated approach to risk management, they can gain a complete view of the risk situation as well as effectively align risk management to enterprise goals and performance.
To achieve this, companies must make risk management a fundamental part of their corporate culture. Implementing risk management software is merely one aspect. Risk management processes must become part of everyday business and evolve with its ongoing development. This requires a full commitment across the workforce.
The avedos approach
To meet these vast requirements, companies need an all-encompassing concept that provides a stable framework and anchors risk management in the corporate culture. This enables employees to manage risks more effectively and, therefore, take the necessary risks to release the potential for building business value.
Many companies, however, still work with isolated solutions that lead to a variety of problems. They commonly lack an enterprise view of risks or effective ways to address compliance and operational risks. An integrated approach closes the gap between compliance and risk management processes to reduce duplicate work and create a comprehensive view for management.
Through a modern software-driven approach to risk management, companies can view risks as opportunities for strategic growth instead of merely potential threats and establish strategies to boost business value and profitability
Do you have any questions about risk management?
Victoria Fellner will be happy to get you connected with the right expert at avedos.
Simply call +43 13670876 133 or send an email to email@example.com.