An evaluation of enterprise risk management in the financial office, North West University, Mafikeng Campus

Abstract

Any business operation/transaction is known as risk for reward. It is the objective of any business to reduse risks that hinder business operation in order to increase return. This is the case in any business irrespective of size, industry and location. Risks are inherent in every business.In recent years, implementation of Enterprise Risk Management (ERM) is being perceived as a necessity; in order to manage enterprise wide risks, to create risk awareness amongst employees and be more proactive in managing risks. The need for this study came as a result of a need to measure and optimises ERM as a business enabler. This study evaluates the effectiveness and appropriateness of ERM within the financial office, North West University Mafikeng Campus. This study also evaluated ERM frameworks that can be used in risk identification and management. These frameworks can be used to ease implementation, monitoring and evaluating ERM process, without a framework management it will be difficult or more complicated to manage risks effectively.