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Risk & Assurance - Risk Management
A total approach to corporate governance and risk mangement.
By investing time and resources into good corporate governance and an effective risk management programme, your organisation will have the strategies, people and procedures to manage risks effectively and optimise the benefits.
Reasons for investing time and effort in risk management:
 The benefits risk management brings to the business and its personnel
The often hidden total costs when a major incident occurs
The fact that most businesses are already managing risks to a greater or lesser extent and would gain by understanding how to do it more formally
Meeting our legal and regulatory requirements.
The benefits add up to a much more competently managed business which can take calculated risks without betting its own survival and losing its investors’ money.
People often fear that risk management will increase costs. It is true that in the short term there is additional effort and therefore cost in identifying risks and filling in any gaps in the ways they are managed. Some good news is that once formal risk management systems have been set up and documented the maintenance of them becomes straightforward, particularly when supported by our Magique Risk Management software. Updates will form part of other routine processes such as strategy reviews, annual budgeting and quarterly finance reviews, employee appraisals and year end reporting procedures.
But against the costs of risk management there needs to be off set the costs of a risk materialising – which are usually far greater than just the immediate loss or damage. And sometimes it becomes clear that the cost of the response is greater than the benefit in reducing the risk – so the response may be reduced.
We offer a complete range of risk management consulting services called Risk Response
Contact us for more information about these services |
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Reduction in management time spent fire-fighting
Fewer sudden shocks and unwelcome surprises
Less litigation
Compliance with legislation and regulation
Protection from bad publicity
Better understanding of exposure to risk, both generally and specifically
Better allocation and use of resources
More focus internally on doing the right things in the right way
The ability to learn from past mistakes
Better communication between colleagues and with suppliers, clients etc.
Better shared knowledge of business objectives and processes as well as risks
Greater likelihood of achieving business objectives
More systematic decision making leading to better quality decisions
Increased likelihood of change initiatives being achieved
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