What is Value Management

Risk management is a core element from a strategic and operational point of view. Conditions of the environment, financial scandals like Enron and Worldcom, globalization, and new technologies make risk a priority for companies that want to keep a sustainable competitive advantage under uncertainty. In line with these, there are several frameworks, initiatives, and ways to approach risk under a structure organization and integrated approach, including the development of internal control standards like Sarbanes-Oxley (SOX). One of the elements to be considered when taking optimum decisions is a proper risk management. In this chapter, the key elements of assets risk management will be exposed, starting from main concepts, constructing the elements that are applicable to build a risk management system, and developing a practical example under SOX framework with a management and system approach.