Risk frameworks

Challenges

Any worthwhile venture in life, business included, involves risk. It is, however, absolutely paramount to approach risk consciously and with appropriate foresight. Some risk events, when they materialize, can be a mere inconvenience; others can derail business plans or even destroy the whole enterprise.

Without risk management, businesses cannot anticipate issues before they arise, nor can they plan their future objectives. Risk management cannot prevent adverse outcomes from happening. Still, it can ensure that the teams are aware of possible problems and prepare contingency plans and mitigation mechanisms or, in some cases, avoid going down the paths where risk is unacceptable compared to the potential reward.

The overarching goal of any risk management framework should be "To protect and enable." By giving the business the confidence that the level of risk is appropriate and acceptable, a properly implemented framework can actually expand the range of possibilities for the enterprise by freeing up resources and capital.

How do we help our clients?

People who take risks are the people you'll loose against

Whether you run a fledgling startup and require a risk management framework built from the ground up or work for a multinational enterprise and need to strengthen the existing one, we can help you deliver.
We have worked with our clients to establish, strengthen and test their risk management across a variety of areas of operational resilience, including:

1

Process risk

Many new or rapidly evolving operations strive to be agile, but that agility can come at a cost. The development of governance, risk, and compliance (GRC) frameworks can lag far behind the growth of the business. These lapses in process robustness can lead to severe issues with the organization's culture and resilience. Examples include poor controls in the finance department leading to theft or fraud or problems in human resources that could materialize in employee lawsuits and reputational damage.

2

Data risk

Going beyond the traditional information security risk, we work with our clients to provide them with a holistic view of their data landscape and how it impacts their operations and resilience. Looking at the whole lifecycle of data within the business, from capture, transformation, storage, transmission, modeling, and availability, we ensure that the data flows are optimized and aligned with the objectives.

3

People risk

Working with a great team is a pleasure and a privilege. However, making your business's existence reliant on key individuals is likely to prove detrimental in the long run.

With proper governance, knowledge transfer, and succession planning, your business can thrive regardless of what the future brings.

Framework elements

  • Risk identification - We will work with your team to identify relevant risks, define them and create a comprehensive taxonomy.

  • Modeling - Using analytical models, we'll give you a clear idea of the levels of risk you're facing

  • Key indicators - With our help, you will identify, capture and analyze appropriate metrics relevant to your critical risks and controls, giving you a live picture of the situation.

  • Risk appetite - We'll assist you in defining levels of acceptable and tolerable risk aligned to your objectives.

  • Mitigation and remediation - We will support you in creating mitigation controls and implementing any remedial actions required to bring your processes and systems to required resilience levels.

  • Reporting - We'll create a clear and concise operational risk reporting flow that enables your business leaders to fully understand the firm’s risk exposure.

  • Governance - We'll help you develop operational risk policies, processes, terms of reference, and timelines that support risk appetite, risk culture, and strategic goals.

By failing to prepare, you are preparing to fail.

Benjamin Franklin

Contact us now if you would like to discuss how we can assist you in building a genuinely enabling risk management framework.

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