Management Consulting Firm - Enterprise Risk Management

Management Consulting Firms

Management consulting firm is an organization that helps businesses or companies to improve their performance by analyzing their existing problems and developing plans for the improvement. The very first management consulting firm was established in year 1909 by Arthur. D. Little, a MIT professor. Since then a number of management consultancies have been formed especially after period of Second World War when various tools and approaches defining the field of strategic management were discovered thus setting the base for many consulting firms to thereby follow.

The management consultants are often approached by the organizations for external advice regarding the business problems or to get access to the specialized expertise of the firm to solve those problems.

These consultancies can provide services like enterprise risk management, business continuity and disaster recovery management, service management, call centre management, help desk management, customer support services and information security services for better management of the businesses. Most of these firms also offer coaching and training courses like business continuity and risk management course, certified help desk manager course, course on IT contracts and IT service level agreements, business continuity and service level agreements courses etc to train individuals for business management.

Enterprise Risk Management

No business is done without risks.

The risks in any business when managed efficiently can drive in growth and opportunity. Enterprise risk management is the process of identifying, analyzing, responding, and monitoring the risks and opportunities within the internal and external environment of the enterprise.  It is an approach of planning, organizing and controlling the activities of an organization in order to minimize the effects of risk on its capital and earnings. It includes the methods and processes used by organizations to manage risks and to grab opportunities related to the achievement of their objectives. There may be situations where businesses have to encounter problems like distressed financial markets; mergers, acquisitions and restructurings; disruptive technology change; geopolitical instabilities. With an efficient risk management strategy such uncertainties or problems can be tackled efficiently so that business can run smoothly without any disruption. An effective ERM strategy can improve the business performance, create competitive advantage and optimize the risk management cost. There are many management consulting firms who offer ERM services to the clients for efficient risk management. They help organizations to align their strategies, processes, resources, technology and knowledge so that the company is well equipped to handle risk. They guide businesses for strategic risk-taking and effective organization building.