Enterprise Risk Management
Today’s world is becoming increasingly complex, and change happens quickly. Natural disasters, geopolitical events, cyber threats, increasing regulatory scrutiny, technology paradigm shifts, and supply chain disruption can quickly overwhelm a company’s ability to respond effectively to these challenges. Dealing with risk in a reactive, siloed manner is no longer sufficient – what’s needed is a consistent and comprehensive approach for identifying, analyzing, and mitigating risks before they happen. Enterprise risk management (ERM) is recognized as an important management tool that can drive significant value for a company, and is an integral component of good corporate governance.
Getting ERM right is difficult; many are challenged by the concepts or implementation. Richter’s ERM professionals offer practical advice and right-sized solutions to meet your organization’s risk management requirements. Our focus is to ensure that you have the correct processes in place to identify and manage future risks. This means you are able to define and assess risks consistently across your business, that these risks are mitigated and monitored, and that risk is reported to leadership who understand their impact on the assumptions made about their strategies, and incorporate this insight into decisions made.
Richter’s ERM approach is built around sound design and pragmatic implementation. Our experts have built, operated and led risk management functions in industry and for our clients. They know the critical details , including how to build risk activities into existing processes, how to quickly and effectively share risk information, how to translate risk into language the business understands, and how to support ERM with practical tools, templates and risk management and compliance dashboards.
Risk Management Framework
Creating or enhancing your Risk Management Framework may result in a playbook for proactively managing risk. Richter can help optimize your risk management through strategy, methodology, and policy and procedure development or redesign based on leading industry practices and regulatory expectations. Should you require an independent evaluation of your current Risk Management Framework, we can perform an assessment in accordance with COSO, COBIT and ISO auditing standards.
Richter professionals can dive deep into the identification, analysis and mitigation of specific risk categories – operational risk, third-party risk, IT/cybersecurity risk, strategic risk and more. We can either use your risk assessment approach, or customize ours to document your risks and enable decisions for mitigation.
Mitigating key risks can involve significant efforts to bring down to acceptable Richter has a proven track record of implementing controls, establishing risk indicators and publishing risk reports and dashboards that highlight the risks’ velocity and their ongoing mitigation.