Enterprise Risk Management

The task of enterprise risk management has never been more complex. Regulation is proliferating quickly. The Board, in executing their oversight responsibilities must find methods to effectively manage risk while simultaneously driving the success of strategic goals and objectives of the organization.  Scrutiny by shareholders and examiners is growing more intense by the day. Many leaders of small to mid-sized businesses face the same problem: even if they knew exactly what to do to better manage risk, they lack the resources and people to get it done.

Get on-demand expertise in enterprise risk management.

We can help. Our enterprise risk management consultants have extensive experience working with insurance companies, banks and public, private and non-profit organizations.  We have both the knowledge and practical experience in  various models of risk management including those supported by the FFIEC, HIPPA, ERM, COSO, ISO, ISACA, NIST and other organizations. When your enterprise risk management needs outpace your internal capabilities, we can bridge the gap by providing people and know-how to help you better monitor and control risk.

Our enterprise risk management services include:

Corporate governance consulting. By implementing solutions to strengthen overall corporate governance procedures, you can improve performance, retain talented employees, secure ratings and reduce your cost of capital. Learn more about our corporate governance consulting services.

Evaluating controls. Our team of CPAs , CIAs, and CISAs stays current with recent changes, innovations and emerging trends in regulatory controls. We can help you:

  • Evaluate the efficiency and effectiveness of your controls.
  • Assess internal controls to provide “heat maps” of vulnerability.
  • Implement plans to enhance controls.
  • Advise on industry best practices.

Advising on regulatory compliance. Our enterprise risk management consultants are impressively knowledgeable about regulations and have decades of personal experience managing compliance issues. We can help with compliance issues around Basel III requirements, SSAE 16 SOC 1, SOC 2 and many other regulations.

Creating formal Enterprise Risk Management processes. A sound enterprise risk management process provides early warning so you can act to avoid potential risk. We utilize the COSO Internal Control-Integrated Framework.  Our process involves four primary tasks:

  • Conducting an enterprise risk management audit. Our team of experienced financial consultants thoroughly analyzes your organization’s risk structure in order to identify potential risks and generate a clear understanding of a product or service and its legal, financial, fiscal and operational implications. We also reveal hidden weaknesses in internal controls or policy.
  • Developing an enterprise risk management concept and Key Risk Indicators. After identifying potential risks, we develop an enterprise risk management concept tailored to your organization’s needs, identify Key Risk Indicators and set up control procedures for early detection of potential problems.
  • Implementing an enterprise risk management structure. Our executive team implements the risk management structure in your organization and works side by side with you toward its effective completion. We continue to support you through the initial restructuring and assist you in ironing out any transitional issues that may arise.
  • Training enterprise risk management “champions”. We train your managers to be risk management experts and help to set up clearly defined cascading requirements to avoid overload. We also provide training for board directors, executives and other employees on governance and compliance issues.

Creating an Information Technology Risk Management Program. The complexity of business transactions, advances in technology, globalization, and increased regulations continue to be part of our economy.  A viable IT Risk Management Program requires a mandate or commitment from the Board and provides:

  • Information on the IT internal/external environment that influences the perception of risk
  • A risk appetite/profile based upon tolerance levels aligned with the achievement of IT and corporate strategic goals and objectives
  • A process for risk identification and assessment inclusive of analysis and evaluation methods using measurement criteria
  • A process for responding to IT risks inclusive of the development and implementation of controls that modify them; and
  • Processes for the effective communication and monitoring of IT risk management activities inclusive of metrics

Technology risk consulting. Technology requires risk controls that will protect valuable information.  Our IT and information security audits help you put sound IT governance practices in place.

Additional services. To support your enterprise risk management efforts, we can also:

  • Develop, implement, and test Business Continuity Plans. learn more
  • Advise on Internal Audit Services. learn more
  • Serve as your “outsourced” internal audit function. learn more
  • Perform Quality Assurance Reviews as required by the IIA every 5 years.  learn more

Risk Management Case Studies

Many small to mid-sized companies recognize the need for better risk management but lack the internal resources to get it done. We have provided the people and know-how to identify, monitor and control risk.
View risk management case studies.