RISK PROFILING

Service: RMA identify, understand, assess and report on the business risks and opportunities facing an organisation. We provide practical organisational and financial solutions to managing and mitigating risks.

Why should I buy it?

    -     To demonstrate to stakeholders that comprehensive consideration of business risks has been undertaken.
    -     To meet corporate governance requirements.
    -     To understand the key business risks associated with a new project or making key business decisions.
    -     To capture and assess large amounts of risk information effectively and efficiently.
    -     To identify where the organisation may incur losses

Example Deliverables

    -     A prioritised Risk Register (see below).
    -     A risk map presenting a ‘snapshot’ of the entity’s risk profile.
    -     Categorisation of risks to allow for further analysis.
    -     Prioritised risks and opportunities against an organisation’s strategic objectives.
    -     Assessment of the effectiveness of current risk controls.
    -     Assessment and commentary on common risk themes across the     organisation.
    -     Action plans detailing mitigation and optimisation strategies.
    -     Identification of risk transfer opportunities in conjunction with your insurance broker.

Diagram explanation: the above is a risk register of prioritised business risks. It shows the risk ranking; risk description and category; risk owner; cause and impact descriptions; impact, likelihood and controllability scores; an overall priority for individual risk improvement actions.

Diagram explanation: the above risk map provides a ‘snapshot’ of a business’ risk profile. Each number on the risk map is an indicator for an individual risk. Here, they are plotted in terms of impact and likelihood. This provides a prioritised picture as to the effect of different risks upon the business. The risks indicated in red are the critical risks.

Benefits:

Financial
    -     Protection of shareholder/stakeholder value.
    -     More accurate forecasting of possible losses.

Non-Financial
    -     Generates a common understanding and perception of risk.
    -     Increased understanding of the current risk controls effectiveness.
    -     Provides a focus for management attention with regards to areas of risk.
    -     Spreads best practice across the organisation
    -     Provides a foundation for developing a robust risk management system.
    -     Aids effective decision making
    -     Ensures robustness in future business and project strategies.