Considering Enterprise Risk Management Certification Singapore? Here Are 7 Best Outcomes

Investopedia defines Enterprise Risk Management as a plan-based business strategy with the objective of identifying, evaluating, and preparing for any dangers, hazards, and other potentials for disaster – whether physical or figurative – that may hamper an organisation’s operations and objectives.

Under this regulation, organisations are not only called to define all the risks they encounter and to act on which risks to handle actively, but they are also called to communicate the identified action points to all stakeholders, shareholders, and potential investors. This data is expected to be part of their yearly reports. Which businesses should utilise Enterprise Risk Management? The industries are varied such as aviation, construction, public health, international development, energy, finance, and insurance.

Enterprise Risk Management has evolved over the years, and continues to evolve, which has consequently altered along with the corporate and regulatory landscape of the past ten years.

Also Read: Data Protection Officer Singapore | 10 FAQs

The benefits of enterprise risk management

Highlighting the possible consequences or “downside” of risk allows organisations to plan their next steps more carefully.

Apart from considering the consequences of risk, however, organisations must also look at the competitive opportunities and potential business advantages that they can leverage out of their adequate handling of risk. For instance, as part of the planning, they can consider their preventive measures as a competitive advantage that enable them to proceed with better decisions for the company.

Spotlight on cybersecurity risk

Cybersecurity risk falls under risks involving information technology and forms part of the Enterprise Risk Management Certification Singapore. Moreover, its importance is made more apparent in this digital era. The impact of a cybersecurity incident is high, hence mitigation plans must be included in the overall enterprise risk management plan. There are two more ways to achieve this apart from taking an Enterprise Risk Management Certification Singapore: by enabling your personnel to undertake a PDPA course on organisational compliance, and allowing your network to undergo regular penetration testing.

At Privacy Ninja, we aim to make cybersecurity and data protection services attainable for all organisations. Talk to us about our PDPA Obligations for Organizational Compliance (SkillsFuture Credit Eligible) and Vulnerability Assessment and Penetration Testing services for your organisation.

7 key outcomes from enterprise risk management certification Singapore

Regardless of the institution you eventually select to fulfill your certification, there are seven key learning outcomes at the end of the programme:

1. Have a good grasp of enterprise risk management basics,
2. Figure out business operations,
3. Define the value chain of an organisation,
4. Pinpoint organisational uncertainties,
5. Cultivate the right approach for organisational risk strategy,
6. Describe organisational risk competency, and
7. Set up risk governance framework and culture.

Also Read: PDPA Singapore Guidelines: 16 Key Concepts For Your Business

Risk management is crucial for any excellent management practice. Key personnel and managers are usually under immense pressure to make decisions and execute projects on accelerated timelines, and to integrate up-and-coming technologies and innovations in order to stay ahead of the competition. To lower the chances of making the wrong choices, managers need to assess each decision made as well as the impact it has on the company and or project stakeholders.

Hence, achieving an Enterprise Risk Management Certification Singapore is crucial so the target participants from your organisation can receive well-proven and actionable framework for risk management. Furthermore, the good news is that relevant courses offered in Singapore are SkillsFuture Credit Eligible, so organisations do not have to cover the full cost of the programme.