Risk management has become one of the most key areas a company needs to master. This is because the uncertainty and volatility of the environment are highest than ever and are expected to increase further in the coming years.
Yet, many companies are still ill-equipped to effectively manage the threats they are being exposed to.
- Risk identification requires a comprehensive view and deep knowledge of the company practices on the one hand and the expertise relative to best practices on the other hand. In addition, not all risks can be identified upfront. There will be issues that will arise during the projects that will need to be handled by the project management team which means that continuous monitoring is required.
- Although risk management plans are becoming more and more a requirement for investors and partners. Many companies still underestimate the impact of some risks or fail to craft an appropriate risk mitigation plan. This lack of competence becomes a barrier to funding and results in very costly recoveries when incidents occur.
A typical dilemma in risk management is how much resources should be allocated and within which timeframe? If companies are too cautious they will commit a lot of resources at the expense of value-adding activities, if they overlook the risks ahead, they are likely to incur costs that exceed the investment they chose to save. Expertise in actuarial is fundamental to find the right balance between security and value creation.
- Assesses the risks at the different layers of the company but also considers how the different risks influence one another
- Considers risks as threats to be protected from but also as opportunities to tap into and provides the client with the capabilities to transform the risk into an opportunity
- Customizes the treatment to the risk by advising the most suitable action depending on the case (acceptance, avoidance, outsourcing…)
- Offers its expertise in various risk areas (Strategic market risks, operations risks, financial risks, human capital risks, IT risks, legal risks, reputation risks…) and uses multiple measurement methods (quantitative, qualitative and semi-quantitative)