Le magazine du trésorier - n°68 - 4ème trimestre 2009 - (Page 21)

Adding Value for Stakeholders Through Improved Risk Management European companies have been using to varying degrees Enterprise Risk Management (ERM) as part of an ongoing effort to raise awareness and promote appropriate risk management responses and deliver value for stakeholders. More recently rating agencies have added to the clamour for increased transparency of risk management providing senior management of an organisation increased incentive to revise and improve ERM processes. ERM IS AN INITIATIVE THAT, BY DEFINITION, IS NEVER COMPLETE Some European companies, including RTL Group (RTLG), have decided to embrace Standard & Poor’s (S&P) initiative to assess ERM processes of non-financial companies as being an opportunity to revise and improve their existing practice. In November 2007, S&P consulted users of their rating services in order to validate their approach to benchmarking ERM processes across non-financial institutions. S&P have subsequently developed their ERM assessment - the outcome of which is a rating of a company’s ERM competency as being either “weak”, “adequate”, "strong”, or “excellent”. It appears the S&P assessment will concentrate on the culture of risk management and governance concentrating on specific examples to demonstrate how this works on a day-to-day basis.The adoption of a recognised unifying standard such as COSO ERM The first step in evolving ERM is to understand where the gaps are. Framework or the Australian and New Zealand Standard on risk management (AS/NZS4360/2004) is helpful but is not a pre-requisite nor sufficient proof of having adopted good practices(1). RTLG has used the pending S&P assessment to review existing practice with a view to then revise internal control processes to make them more effective and efficient. This step was taken as part of a continuous process of improvement initiative. risk management capabilities determine where improvement effort should be focused. There was a strong desire to build a business case for improvement in ERM but without having to resort to using a myriad of consultants. Further, a strong emphasis was put to having practical and pragmatic solutions for improvement. A decision was made to work with avantage(2), whose methodology and approach based on comparison (benchmarking) was found to be fairly unique in execution in that the output is presented on “one page” which was useful when discussing risk with senior stakeholders who (1) : www.standardandpoors.com. (2) : www.avantage.eu..com THE FIRST STEP IN EVOLVING ERM AT RTLG WAS TO UNDERSTAND WHERE THE GAPS WERE… A decision was made at the outset to undertake a review of existing FOCUS http://www.standardandpoors.com http://www.avantage.eu..com

Table des matières de la publication Le magazine du trésorier - n°68 - 4ème trimestre 2009

Couverture
Sommaire
EDITORIAL
- Une dette, cela se rembourse...
FINANCIAL HIGHLIGHTS
INTERVIEW
- Mrs.Aline Weier, Robert Half Finance & Comptabilité
FOCUS
- Evolution de la fonction de trésorerie en période de crise
- What services expected from a trading floor and changes after the financial crisis
- Adding Value for Stakeholders Through Improved Risk Management
- J.P. Morgan’s 2009 Global Cash Management Survey reveals the latest investment trends among corporate treasurers
FORUM OF ADVERTISERS
- Performance Management : from strategy to winning KPIs
- 15 minutes avec… le CRP Henri Tudor
TREASURERS’ ASSOCIATIONS
- Conférence Banque Degroof : Risques Climatiques
- Trésoriers de l’ATEL à l’honneur
- EACT semi-annual meeting Copenhagen
- Questions to Richard Raeburn, EACT Chairman
NEWS

Le magazine du trésorier - n°68 - 4ème trimestre 2009