Enterprise Risk Management In An Uncertain Business Environment

How many corporations truly believe in this quote? If the 80:20 rule is to be applied in this situation, it can be concluded that only 80% believes in it of which 20% have put in place in their Corporation the Risk Management Framework and Risk Management Process.

Public Listed Companies (PLC) in the Kuala Lumpur Stock Exchange are required to incorporate Risk Management in their operations hence a statement on the risk management MUST be written in their Annual Report. The reality in some of the PLCs are merely for show only and are mostly based on attestation by respective Head of Department.
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Every ISO standards that relates to manufacturing industries when there are updates it would have a new element Risk Based Thinking (RBT) as reflected in ISO 9001:2015, ISO 14001: 2015, ISO 45001:2018, etc. This new element is not well understood by the practitioners.

ISO 31000 Risk Management which is generic is not specifically mentioned as the standard required in the RBT element however it is the most useful standard to use. In this respect there is uniformity within the company when addressing risks if ISO 31000 is adopted.

Understand that Enterprise Risk Management (ERM) is a management tool which is a holistic approach in managing risks within an organization.