Implementation of Risk Management Systems
29.08.2024 | 2 minutes reading time
We can provide you with a thorough, easy-to-understand documentation of the entire process. This will usually take the form of a handbook. Thanks to our modules and experience from numerous projects we can use a number of components to ensure that the process is as lean and efficient as possible.
- Risk Strategy Formulation
We will help you determine how high your company’s risk-bearing capacity is. In this connection, there are special corporate structuring challenges that we will help you meet. We will work with you to develop general principles for handling risks depending on your company’s risk appetite. - Risk Identification
We will work closely with your Risk Manager to conduct a risk inventory. Our broad experience in working with other companies helps us ask the right questions. Alternatively we can design a risk inventory for you which you can then conduct yourself. Naturally we can also recommend the best software for this task. - Risk Analysis
We will analyze the risks and relate them to one another. Many risks cancel each other out, while others intensify each other. The risks must also be evaluated from the perspective of a group of companies, since risks at the level of subsidiaries have a different relevance for the group as a whole than for the subsidiary itself. - Risk Assessment
We will work with your Risk Manager to assess the risks, using software such as Excel, so that we can provide you with a customized Excel tool. The assessment will be carried out on the basis of a risk matrix that we have defined with you in advance. - Risk Management
If you wish to go beyond a mere early-warning system, we can use state-of-the-art measures to manage risks. To do so, we must determine how to test the effectiveness of these measures. As we provide our consulting services, we often discover risks for which there are not yet any risk management measures or the ones in place are insufficient. We will develop new risk management measures and can work with you to develop a plan for implementing them. The byproduct of many consulting projects is a better permeation of your processes, thus improving them and making them more secure. - Comparison with the Parameters of your Risk Strategy
We recommend regularly comparing your risk management system and the defined parameters with the actual conditions (is the system being carried out?) and the company’s goals/strategies, which may have changed (is it still the right system for us?). Changes in market demands can require changes in risk reporting, as new fields of risk must be defined, or your risk inventories may be conducted too often (or not often enough) and have to be adjusted.