Enterprise Risk Management- The Complete Solution
All enterprises, irrespective of their size of business operations compete against their rivals to stay ahead in the market. However, in the process, they tend to face many challenges that can hamper their progress. Organizations have over their lifetime managed risks that has a direct effect on their bottom line. However, besides the fluctuations in economy,there are still other risks that becomes detrimental to the organization’s existence.
The growth of electronically enabled business, commonly termed as e-commerce has increased the risks for the enterprises. Besides factors such as business operations, supply chain, legal and human resource, financial controls and overall governance, the global organization today are also challenged by online fraud, grey market sales and counterfeits. Enterprise risk management process which optimizes and controls risk in an organization, refers to all methods and frameworks that are used to plan, organize and control the the impact of risk on the financial status.
Unlike the traditional approach, the enterprise risk management takes a more holistic view of the factors that affect the organizations tangible and intangible assets and integrates technology, strategy, people, knowledge and process to handle risks. CNBC reports stating that 7% of the goods sold worldwide are counterfeit products, showcases the effect of an ever-expanding e-commerce market. However, with the progress in technology, IT partners have worked with leading service providers to provide online fraud protection solutions formatted for identification of potential risks from internet fraudsters and counterfeiters. The service providers also offer the clientele anti-counterfeiting and channel integrity solutions to facilitate risk management across the enterprise.
Implementation of Enterprise Risk Management makes it imperative for an organization to first understand the impact of risk to be mitigated. After proper understanding of the organizational capabilities, the risk management process needs to be incorporated into the organizational policies. The development of SaaS-based anti-counterfeiting software solution with advanced search options, appropriate analysis and resolutions, will help organizations to regularly monitor, record and analyze the Internet and prioritize suspects. Further, by applying human intelligence for data integrity, the organizations are equipped with effective and online methods to prevent internet frauds.
Besides, the enforcement agencies and large business houses handling pharmaceutical products and high-end luxury goods also deploy anti-counterfeiting policies to protect their brands. The growing B2B and B2C online market demands enterprises with footprints on the web, to make use of intelligent practices to monitor frauds and violators. To survive these internet threats and as part of enterprise risk management measures, these new age enterprises need to use efficient anti-counterfeit tools and solutions to protect their entity.
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