Enterprise Risk Management
Enterprise risk management (ERM) plays an important role in achieving Globalport 900, Inc.’s deliberate objectives by managing and analyzing risks. It allows the company to deal with uncertainties and associated risks and opportunities, all while enhancing the capacity to build value for its stakeholders.
Globalport 900, Inc. implemented an ERM framework to manage risks effectively and to better understand the correlation among various risks. We incorporate a robust ERM model as part of our culture of driving business growth and sustainability.
Through these eight risk management approaches, Globalport 900, Inc. can identify, analyze, and manage key business risks:
Internal Environment - analyzing how risks are viewed by the organization in an internal and external, and risk management context.
Objective Setting - laying out objectives to successfully identify potential risks and ensuring the organization has set a process that aligns with the company’s goals.
Event Identification - identifying events (internal or external) that affect the organization’s objectives, distinguishing between risks and opportunities.
Risk Assessment - reviewing the risk (its severity and impact) and determining how it will be managed.
Risk Response - executing an action plan to mitigate risks, such as avoid, reduce, insure, transfer, or share, depending on the organization’s risk tolerances.
Control Activities - establishing and implementing policies and procedures to make sure the risk responses are carried out effectively across the organization.
Information and Communication - identifying, capturing, and communicating relevant risk management information to allow people to carry out their risk management roles.
Monitoring - monitoring and modifying (if necessary) the entire enterprise risk management through compliance checks, audit reviews, separate evaluations, etc.