Risk Assessment

Risk Assessments

Risk does not occur in discrete units or on a predetermined schedule. Rather, it is a pervasive and ever-changing constellation of threats and opportunities that emerge from the intersection of an organization’s ambitions and its broader environment. Our Team of Risk professionals structure the fundamental mess of this circumstance by applying a risk management process to the activities of your organization.

One of the key aspects of risk management is, quite rightly, being aware of the risks that need to be managed. For organizations, risks can arise internally and externally, and each environment presents its own challenges. Our risk managers will work collectively to help identify and prioritize them that can position your organization to deal with any threats that arise.

Building a risk management process begins with assessing the internal and external environments of the organization, a key aspect of which is communicating and listening to stakeholders within each. Taken together, reviews of both environments can form the basis of a strengths and weaknesses, opportunities and threats (SWOT) analysis that can provide a roadmap for your organization’s risk management program.

Scan environment

Discussing with your internal and external sources helps reveal potential risks that your organization might not otherwise be aware of, such as legislation related to a particular industry or regulations that might affect operations.

Identify Risks

An organization’s internal audit function and related internal controls can often provide information about risks that are not readily apparent. Our risk identification techniques helps your organization determine the cause, likelihood, and potential consequences of any identified risks.

Analyze Risks

Risk analysis can be simple or complex. By analyzing patterns in your organization and departments, our analysts can identify trends and predict possible outcomes that can help your organization avoid associated risks. Our Team also may be able to explain a certain trends in your organization such as declining sales or increasing budgets, providing the opportunity to adjust your company’s offerings or manufacturing procedures to correct those trends.

Treat Risks

To determine how risks should be addressed, avoided, altered in likelihood or impact, or transferred, our risk professionals work in tandem with your organization’s internal executives. After deciding how to proceed, it is equally important to communicate the decision to all levels of your organization’s chain of command. Decisions and recommendations are supported by the available data, which are summarized as clearly and concisely as possible.

Monitor and Review

Since the advice and consultation of internal and external experts to date has been critical to risk management, it is apparent that ongoing consultation is essential for the ongoing monitoring and review of solutions for dealing with selected risks. Additionally, with the help of our data analysts and internal audits, information can be gathered to monitor the continued effectiveness of the risk treatments that have been put in place. Once documented, they can be shared with internal stakeholders to demonstrate program effectiveness or to support suggested changes.