View video transcript for managing risk in the downturn

What’s the issue?

New, and often urgent, risks are emerging from the downturn and will have significant impact including financial losses and increased fraud. Organisations are facing pressure to create efficiencies, yet at the same time mitigate risks. History tells us that risk management can often end up a casualty, creating problems down the line.

With an increased emphasis on cost reduction, many organisations will struggle with how to balance risk and reward. However, organisations with an appropriate and measured appetite for risk are much more likely to prosper.

And even once risks have been defined, embedding an efficient governance and risk management framework could be a challenging proposition.

Use this opportunity to re-evaluate, re-focus and plan for the unthinkable. The changes you implement now will stand you in good stead for the longer term.

In a short video Deian Tecwyn, Head of Risk Assurance Services, discusses what you should be doing to remain confident during the downturn. 

What questions should I ask myself?  

So what are the key areas you should be focusing on? And how do you retain the balance between managing risks yet creating efficiencies?

The main questions you should consider include:

• Has our risk assessment changed in response to the downturn?  Has our risk appetite changed?
• How well is our organisation adapting control mechanisms to a revised strategy and new/emerging risks?
• How do we ensure efficiency and eliminate duplication of effort in our risk management and compliance functions?
• How do we plan for the unthinkable?

How can we help? 

Many organisations are grappling with how to balance their differing priorities and are looking for independent assurance - to understand their situation and provide comfort they are focusing on their right areas. We help our clients:

• Understand risk in a holistic way – identify/redefine financial and operational risks and analyse their impact in a strategic context. In the current climate we can assist our clients in identifying new risks emerging from the downturn
• Manage risk – provide roadmap on how to improve the governance and risk management framework, including informed suggestions on how to eliminate duplication and overlap
• Create efficiencies - enhance understanding of key controls to enable organisations to standardise and simplify processes
• Reduce compliance costs – advise on an integrated and efficient approach to regulatory compliance
• Protect and enhance reputation – advise on how to communicate effectively and reliably with stakeholders

Our services include:

• Risk Assurance Services
• Internal audit
• Controls optimisation
• Treasury & financial risk
• Commercial assurance
• Projects assurance