Developing A Risk Management Methodology
Large companies will typically have small groups scattered through the business who have developed methods for assessing risk in their specific domains. This can present a challenge to senior management when these methods do not fall into a consistent methodology because many areas of risk may not be addressed, and the information that is produced in those areas that address risk may not be directly compatible. It is very common that senior management do not have a comprehensive overview of the risks their business faces and, as a result, are unable to effectively manage risk or demonstrate to investors or regulators that they do so. Vose Software can help you establish a risk management methodology that builds on the risk activities you already have in place, with the focus on designing a system that is flexible, easy-to-use, sustainable, consistent and comprehensive.
A typical engagement starts with a senior management discussion of risk appetite, governance, current risk analysis activities, gaps and problems. After reviewing some of the current risk analysis activities and discussions with managers and analysts, we can develop a proposal together with the various stakeholders for a risk identification, analysis, communication, management and reporting methodology that can be implemented rapidly and cost-effectively.