Risk management is about achieving the right balance between realising opportunities and minimising the likelihood of risks associated with them.
It requires proper focus at executive and board level, integration into the organisation’s strategic planning, and clear reporting at the right time for key decision making.
What are the real issues at stake? Fraud prevention, safeguarding against other unexpected but high impact problems, protecting your organisation’s reputation, and achieving optimum financial and operational performance, are all results of effective corporate governance and risk management.
How can BDO help?
Our governance, risk and compliance teams will help you to identify, manage and mitigate the risks your organisation is likely to face.
Board and Audit Committee effectiveness:
Is your Board fully engaged in, and committed to, risk management? Does everyone on the Board fully understand the risks associated with your activities and the regulatory requirements that relate to them? Our dedicated team conducts compliance checks on the Code of Practice for the Governance of State Bodies, as well as Board reviews and Board and Audit Committee training.
Risk management facilitation:
Understanding and identifying risk should not be underestimated. Producing a coherent and watertight framework and clear responsibility lines for implementing and monitoring it are also key. Our risk management specialists will help you to highlight areas open to risk – such as new acquisitions, new businesses or service areas – and conduct an independent review of the effectiveness of your risk strategy and controls, ensuring that risk is embedded in the day to day management of your organisation.
Financial risk management:
There has never been a more critical time for effective financial management. With a particular focus on treasury management and the implications of Basel II, capital allocation now needs to be more risk sensitive than ever before. We will advise you on financial risk in your organisation – including conducting a fraud risk assessment – by analysing the impact, likelihood and priorities and assessing the controls you currently have in place.