Manage and Mitigate Risks with Enterprise Risk Management

Wikipedia defines Enterprise Risk Management (ERM) as “the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives.” It actually provides a framework for risk management where the risk management process involves


* Identifying events or circumstances that pose a threat or contribute to an enterprise’s achievement of its objectives (risks and opportunities)

* Assessing and prioritizing these events and circumstances on the basis of likelihood and magnitude of impact

* Deciding on a risk management strategy

* Measuring and monitoring the performance of the response strategies


Thus, ERM helps enterprises to protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall.


Today most enterprises struggle with key areas of risk, such as counterfeiting, sales channels management, and channel pricing violations. By implementing effective ERM solutions enterprises can easily mitigate these risks. Here is a quick look at how brand protection software helps enterprises in protecting their brands from fraudsters, counterfeiters, and gray marketers.


In the pharmaceutical industry, the current scenario prevents law enforcement agencies from implementing effective measures. Their efforts go waste due to shortage of financial resources, a lack of coordination between countries, and weak anti-counterfeiting laws in some regions.


One of the major and growing sources of counterfeit medicines in the US as well as other countries is the pharmaceuticals purchased over the Internet. Since counterfeit pharmaceuticals hijack a legitimate manufacturer’s brand and profits, it also jeopardizes patient safety and population wellness apart from bringing about revenue loss to the legitimate manufacturer.


Brand protection software provides global enterprises with dynamic visibility into a broad variety of market intelligence data that can be used to identify suspect products and companies. This visibility enables a proactive response to intercept counterfeiting before it affects their bottom line. The following are some of its advantages.


* Analyze and prioritize the most likely suspects

* Investigate using the WhoIs (IP owner info) and IP ownership

* Document all activities associated with each case

* Investigation and enforcement services to shut down illegal operations

* Recover lost revenue


ERM solutions thus help manufacturers in the high tech, pharmaceutical and retail luxury goods industries to manage and mitigate risk across their enterprises.


Outsourcing and globalization have brought many benefits to high tech manufacturers, but there’s also a downside—enterprise risks are increasing.  Particularly if a company is outsourcing to a low cost region, there is greater risk of counterfeits, gray market sales, and lower than MAP sales.


Having worked with manufacturers in a number of industries including high tech, pharmaceuticals and luxury goods, and with enterprise and supply chain software, our management team recognized that providing an effective ERM solution meant filling the “white space,”  the gap between supply chain planning solutions and product lifecycle management software. That’s why we developed an advanced web mining and reporting technology that gives companies visibility beyond their enterprise, beyond their supply chain into the global, open market, and provides them with prioritized, actionable data.


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