Services Risk Management
To ensure that the right decisions can be made, risks have to be identified and measured.
The risk may be explained as any type of potential loss caused by changes in the internal and/or external environment, such changes are not under direct control of the company management. The risk is caused by uncertainty or unknown eventualities. To ensure that the right decisions can be made, the risks have to be identified and measured. To measure the risk, we have to estimate the probability of appearance of the risk.
To prove whether the risk management system works ask yourself following questions:
- Has the system of risk management been implemented, are there all needed elements in place?
- Does the company have the catalog of risks, is it being updated on regular basis?
- Are the risks approached in compliance with relevant regulatory requirements?
- Who is responsible for treatment of the risks, internal or external capacities?
- What precautions are to be taken to limit negative effects of the risk?
- How is the physical protection of assets solved?
Many companies have implemented risk management systems, however just formally. In addition, risks are often managed individually without respecting iterations of several risk. Therefore, it is essential to approach the risk management as complex task and process.
In this area Grant Thornton offers professional services including definition of a strategy to manage risks, methods of monitoring and measuring risks, tools for measurements and risk management in the field of Business Continuity Management. We also poses risk management expertise in the niche area of regulated industries, such as financial institutions (including anti-money laundering), energy sector, and telecommunications sector (references from large market players).