The Role of consultancies for Risk Management

Speaking about the risk management process and its importance in the entire corporate world, we can say that every organization has made its effort in assessing its risks in its own way. And if we take a look at the scale of these businesses, we can further add that each of these efforts is according to the capacity of each firm in the market. But even after such efforts, many organizations still fail at some level when it comes to formulating strategic plans for risk management. What is it that’s so wrong that there are still organizations that face difficulties in maintaining a rigid risk management structure? Well, if we take a closer look at the risk management services, we can break them up into two categories, qualitative, and quantitative. As we all know for a fact, that a risk assessment process can be executed under both of these conditions, that’s why the services in this respect are structured accordingly. For example, say, the qualitative risk assessment is done on the basis of the possibility of risks in the future; an organization implements the risk management services in accordance to the various methods involved in the qualitative approach, such as SWOT analysis, and Historical data analysis. And as for the quantitative approach of risk assessment, the services are designed so that they satisfy the “attention to detail” front. As we all know that the quantitative risk assessment is nothing but a detailed amount of analysis on the hottest risks found during the qualitative assessment, the risk management services are required to be structured in a way that the entire required outcome is met, and that too within the least time possible. On that note, we can safely add, that every process and services related to risk management, boils down to one thing and that i to save the overall time. Time is given more attention than any of the prominent factors, because everything depends on how much time you’re left with, until the next change in the market and the new wave of threats. That’s why, even the risk management consultancy services have started focusing on educating themselves about the newer aspects of risk management. Speaking about risk management consultancy services, let’s take a quick look at the changing roles of all the consultancy firms in times of need.

Risk Management Threats and Consultancies

As we mentioned earlier, all the risk management processes and service, boils down to the fact that all of them are practiced to save the firm’s time. That’s why firms require consultancies that can help them in becoming more efficient while exercising the risk management services. So much so, that its internal risk management team becomes capable enough to mitigate the risks without getting into any trouble that might cost them addition time. For new businesses, time is the most important factor when it comes to their survival. They know all the legalities and technicalities embedded in the market, but aren’t expert enough solve them on their own. That’s where a risk management consultancy comes in. An ideal consultancy firm is the one that knows its role in the competitive market and knows exactly how it needs to treat every client. Coming back to the scales, we can say that the bigger conglomerates might have the leverage of focusing more on the quality than time, but the newer ones are always required to focus on the amount of time they have spent on all the operations. That’s why; an ideal risk management consultancy firm always focuses on both quality and time, so that any firm can reach out to them for their services. The consultancies provide adequate expertise which also helps the small businesses to grow in the market, to an extent where they get comfortable with the market dynamics. And it’s because of these ideal consultancies that all the small businesses can focus on other important operations and get a resilient risk management structure at the same time.

Your Ideal Choice

On a concluding note, every ideal risk management consultancy firm focus equally on each of its clients. And that’s what drives Assured GRC to offer such result-oriented services that leaves our clients, content and happy. Our expertise in this field allows us to provide services that are flexible according to the sale of our client’s business. The fact that we understand the role of the whole risk management process makes us all the more helpful for all the firms, because our consultation services cover almost all the aspects in the GRC environment. This can also be viewed as one of the prominent reason for the popularity we’ve got among the new organizations. Call us today at +44 (0)203 4759 932 and experience our top-class services for yourself. You can look us up online and book a consultation too.

Why is it Important to Provide Prior Knowledge about Risk Management?

Speaking about the rising competition, we can say that all the organizations in the market are doing their bit for surviving in the business. And by surviving, we include the chances of getting into risks and how often an organization is tackling with them successfully. As we all know for a fact that risk management security is currently one of the most important decisions taken by all the organizations but the real question still is being unanswered, “Is it really enough?” To answer this question accurately, we need to understand the process of risk management and what importance does it hold in all the organizations’ profiles. Speaking of the process of risk management, we know it is the process of keeping a track of all the risks and training the professionals to skilfully tackle them. Risk management also involves formulation of accurate steps than can eventually result in averting all the possible risks, that’s why third-party companies are hired to help these businesses to come up with strategies specific to their needs. But even if there are a lot of organizations who provide these consultancy services, it’s not always necessary to reach out to one just after you realized your business is going to face some risks. First of all, let’s not take the above statement on a negative note and try to understand the idea behind it. When we talk about risk management consultants we often have the idea that they are the only option to deal with serious corporate issues like risk management, and thus, we don’t consider taking a look on our own. Businesses around the world have at least one thing in common, and that is the analysis of possible threats, but since there are dedicated companies to bear the load, most of the organizations tend to leave all the work to these third-party companies. In delegating all the risk management requirements to consultancy firms, all these organizations forget the most basic factor which is self evaluation. A business owner, be it an experienced one or a new player in the market always has the hunch of forthcoming threats and their impact on his organization and its operations, but the whole process of risk management calls for a large amount of attention which he can never dispense, considering all the other activities that require his attention. So, what does the business owner do? The answer to this question relies on what type of business owner he actually is. Speaking of different types of owners, the classification is done purely on the approach of the individual towards running the business. If he is of a practical mind, he knows he can hire a third-party agency to carry on with these requirements and will keep a look around on everything that’s happening. But if the owner is of an analytical mind and likes to come up with a solution by analyzing the root of a particular problem, he knows that risk management is a long process and calls for preliminary knowledge. If a business is looking for effective strategies to cope with risk analysis, it needs to train the future workforce to. Training all the young employees can be beneficial in the long-run as they can classify all the threats based on level of their urgency and come up with strategies to cope up with them accordingly. Viewing the situation under a different light to better understand the need for training the future workforce, we can conclude that if risk management is made available to all the educational institutions as n important subject, all the interested students can take up the course and learn about all the changing trends. This will help them later in their future, as they’ll have the updated knowledge which won’t need much briefing. All the companies today are looking for candidates who have some knowledge in these respective fields and if the students have prior knowledge they can be of great use to them. Mandating subjects like compliance consultancy, risk management, and crisis management can also help the young professionals to become a effective ris manager. One of the most important responsibilities of a risk manager that is counsel can be performed more effectively by a young professional who has the basic knowledge, than any other existing employee. To sum it all up, providing prior training to young professionals and interested candidates in the field of risk management security can help all the organizations in many ways like, • Saving the cost of training the teams • Having all the policies ready according to the latest trends in the market • A strong approach towards tackling all the external threats • Better counsel of personnel which eventually diminishes the internal risk factors And when a firm that has a strategic plan ready for possible threats, it can now focus more on all the issues or risks that might require outside help, and the when the consultancy firms are called in, it becomes easy for them too.

The Key To Business Survival Is Regular Risk Management – Know How?

Regulatory risk involves a scenario where the company, service, business or a specific market gets a notice to subscribe to the laid down laws and regulations or lose their ability to function under a set of rules. While we’re learning about regulatory risk management, it is essential to understand the basics to it before progressing further –

What is regulatory risk management?

Regulatory or business risk management involves bringing in a legislation that takes care of the changes that happen over a period of time. The classic aspects of risk management include – a) The business itself – there is various laws and regulations in place that talk about how to conduct a business model and how to progress with various sections of the overall organization. b) The sector – industry-specific businesses have more to look into than commercial services vetted out by small-scale businesses. Big businesses, in something like biosphere or nanotechnology or for example nuclear energy has more stringent guidelines than companies that may be operating in less complex business environments. c) The market – market specific requirements are also the reason most companies struggle with regulatory risk management. Most of the market-specific guidelines keep changing and yet remain discreet from the stakeholders, leading to an ignorant phase of managing regulatory risks.

Why regulatory risk management should be considered in every stage –

Yes, it is essential to understand that regulatory risk management is not a one-time process, it is an essential required in every stage of business. Materially, a change in regulatory risk patterns and risks can hamper the security, business environment and the overall achievements in that particular sector. Change in laws and regulations can moreover increase the operating cost of the business and reduce the attractiveness of an investment. This can also happen with a change in the competitive landscape but we must break it down to completely be in charge.

Regulatory Risk – factors and challenges

Taking the example of financial institutions, it must be understood that regulatory risk can have an impact due to the investors as well as the stock market – i.e. the sector and the market. Regulatory changes in such financial institutions change the overall game by reducing the margin in investment and increase the overall cost of running the very service. This, though mandatory and regulatory in nature, can be a problem for firms from time to time. The Solution – hiring a compatible risk consultancy in London The most reliable and advanced risk consultancy in London gives you the tools to be truly in charge of your business without having to worry about the regulatory changes and discrepancies. By levying the right knowledge and sending-in experts with years of experience in the very field, your company’s governance, risk and compliance policies will be handled professionally when you decide to outsource your regulatory risk management requirements to Assured GRC. What are the benefits of hiring a confident and experienced risk consultancy in London? Let us figure out – 1. Having in place a risk consultancy in London gives you the opportunity to work closely with colleagues and clients on the provision and selection of group risk benefits. 2. When the consultancy takes your burden away, you get the time to be involved in the administration of clients with regards to all aspects of their benefits and risks. 3. The risk consultancy in London will help you manage risk benefit providers for your own client base using the best negotiating and influencing skills. 4. Will help in servicing your business deliverables and retaining existing clients. 5. Will help you to plan and organize renewals with clients. 6. Help you liaise with providers, insurers and assist brokers with re-broking exercises. 7. A legal risk consultancy in London will also help you with the verification of providers along with their proper contract terms. 8. Help you deal with client queries on a regular basis. Regulatory risk management never stops and that should be the case with your preferred risk consultancy in London. Proactive approach in this department is the key to see and minimize the impact of the changing regulations and repository rules. From various industries, there’s a relevant requirement for such risk consultancies as they not only save time but also improve the overall productivity of a business by helping the resources align better and progress in a risk-free environment. Regulatory risk management is a necessary and unavoidable scenario that is accounted for in all businesses (whether small or large) to function in the right sense and with the right set of compliances. Thus it is important for businesses to pay attention and grab the opportunity to land a risk consultancy in London, that’s well in budget and yet delivers full time. Londoners are prepping their organisations for the next regulatory change, are you? Look for the complete services and get consultants on hiring or associate basis – today!

Have a Proactive Approach to Your Risk Management Techniques with A-GRC Consulting

“If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business” – Gary Cohn Forecasting and foreseeing the future is as necessary for an organization as holding on to their current value and assets. Most multi-national corporations and big-standard firms pay a lot for people to sit down and assess their future plans so that the risks can be mitigated and everything falls in order. It is not necessary to dedicate your majority of time on these issues when there are people doing it professionally and in the most proactive manner.

Why Risk Management Services are the key for a secure business environment?

Risk is the main cause of uncertainty for businesses who’re eyeing steady returns and cash flows in the future. Companies who’ve dedicated resources mapping the future and reducing the uncertainty are probably going to do well and focus more on their core expertise than firms who’re identifying the degree of probabilities and addressing risks as they come. To enhance your future business decisions, refrain from taking risky judgments, and have the ability to manage greater risks – one must have the right kind of risk management services in place.

Changing business landscape –

In the last decade, companies have been facing all types of risks starting from their cyber security to internal audits that may change the value proposition of the company. To address multiple risk factors, most companies have deployed their best-known risk management services and have started to focus on a risk management strategy in hand – both for the present as well as the future. Since risk consultancy jobs have now sky-rocket demands, your job is to find out the best-suited consultancy for your business. As the most esteemed and trusted risk consultancy in London, Assured Governance, Risk and Compliance (A-GRC) gives you the wings to fly high while looking at the possible risks that your business may fall into in the future. Insights are key in helping you develop a system that’s going to take care of the possible infringements and on-the-job errors and A-GRC can provide you the most stable insights in the whole of United Kingdom.

Your go-to Risk consultancy in London for everything risk management –

Since the onus lies on us to introduce you to the safest ecosystem of risk management services, we must tell you the pre-requisites that we already bring to the table: 1. Enterprise Risk Management Process – a streamlined process for consistent, continuous and structured risk management for your company. 2. Gap Analysis – before setting up the ERM process, it is essential to identify and compare your company’s existing capabilities with what management capabilities you would like to have in place in the future. 3. Risk Identification Process – collection, categorization, identification, prioritization and finally mitigating risks – you get a complete process that your risk consultancy in London will run-through for your company. 4. Developing Tolerance Thresholds – anything and everything that’s been identified in the earlier process cannot be thrown back into the business environment. Thus, cleaning up is necessary and that can be done by building a tolerance threshold; optimal capital and human resource allocation based on the size of risk that’s there on your business functions. 5. Risk Evaluation – Accepting the risks, managing them and then routing them out of your organizational goals, the complete risk evaluation can be done by the experts who’re vouching for your successful risk management. 6. Managing the Framework – along with the risk mitigation, there’s an internal framework that has to be managed to filter out more potential threats to your company or business. The A-GRC comprehensive approach lets you address the core issues relating to everyday functioning while also assisting in the principal business requirements. 7. Implementing Technology & Software Applications – apart from the human end of affairs, technology plays an equally important role. Building communication protocols and a risk-effective framework is essential. By integrating risk management activity into your compliance framework, the tailor-made risk management services from the best risk consultancy in London will help you live at ease and enjoy reaping the benefits of a stable system in place. Lookup for A-GRC consultants today and never miss out on any internal or external risk-factor that may come back to haunt your company in the future.

Significance of Risk Management in Today’s World

Risk management is one of the most important steps for an organization even if it merely thinks about its reputation and not about the customers. With that being said, let’s not forget that the ‘mere reputation’ is the only determinant as far as the point of widening the customer base is concerned. For the sake of managing all the factors that may expose the organization, it forms a team of professionals who perform the tasks associated with proper risk management. Keeping in mind the current scenario, this pandemic has given rise to a dire competition between both the offline and online organizations. In London, a place that has been affected awfully by this pandemic, every business is going online. Although it can simply be because they are abiding by the new regulations, the fact that now is the time to attract even more customers, can also be an important determinant. Therefore, this scenario gives rise to issues like risk consultancy in London. Talking about the same, a sense of uncertainty can also be sensed amidst the matter at hand. A sense of uncertainty on organizations’ part. Although it’s true that most companies are well equipped to form and maintain risk management some might require outsourcing to do the same. The capital city which hosts big conglomerates like HSBC and Unilever might be one of the most vulnerable, that’s why risk consultancy in London is such a big deal. Even if there are almost all the facilities, be it informative or entertaining, available in the market, there is always a rush in public. A rush to find new websites and exploring the market a bit more. This leads them to look up the internet and seek new possibilities to satisfy themselves. All these people, when they try something new and don’t like it, they viciously write feedback which is basically a complaint about the stipulated product or service and to the company. These feedbacks and reviews give these companies a reality check on what needs to be done. For most of them it’s an integral part of their marketing strategies. But besides being an important determinant for improvements, this feedbacks can also serve as a potential reason because of which the companies might get exposed to any unforeseen external threat. There are many firms who root for these companies to fail so that their customers leave a digital footprint when they go to their websites and write feedback, which eventually helps these firms to the beach the network easily. Risk consultancy in London also comprises cyber-security. Cyber health of an organization is as important as its overall reputation. Just imagine the horror when a company realizes that its network has been breached and all the accounts of its users are hacked and are being treated online. Let’s take a suitable example to fully understand the importance of risk consultancy in London. Udemy Inc is an American platform that provides courses to interested students. A news broke out stating that almost twenty million accounts were breached and are available on the deep web. This is nothing if not a risk to Udemy. Now you see, Udemy is itself an online platform so prior to this news all its users thought it must have one of the best cyber-security cells. But soon after the news flashed, all their assumptions got falsified. So what does a company like Udemy do? It’s clear when it comes to external threats, every company is vulnerable after a certain point. So what should be done in a situation like that? If a breach like this can happen in America, it can be possible in the U.K. too. What should companies in the U.K. do? Events like these shed light on matters like security consultancy in the U.K. When we talk about security consultancy in the UK. instead of jumping straight into the details about the companies that provide these services, let’s stroll through the matter of urgency of these services first. A company might be a tech supergiant in nature, but that doesn’t guarantee that it has a proficient cell that can foresee situations like these. Only forming a cell with experienced professionals in the company isn’t enough when one is dealing with the matter of security consultancy in the U.K. Having a profound knowledge on dealing not only attacks but also the situation that leads up to them is quite important, and that can be done by trusting a third-party company that specializes in matters like these. A security consultancy service providing company has in its team, best security consultants that use their expertise in analytics and mathematics to overcome such situations and they also provide adequate training to the individuals of its client’s cyber security cell so that they are prepared for any further attacks and are well equipped with adequate knowledge on what to do if such situation befall on them.

7 Steps Your Business Can Take To Mitigate Coronavirus Risks

The COVID-19 pandemic is spreading rapidly, with new updates coming every minute. As the situation evolves, many small business owners don’t have any idea about what steps they should take to mitigate risk, protect employees and support customers. Mass quarantines, wide-scale mandated business shutdowns and massive supply chain disruption is the worst-case.

Here are 7 steps your business can take to mitigate risks in case of a coronavirus pandemic.

Follow the Law’s Advice, Warnings and Guidelines

During the Coronavirus crisis, your business will not have a choice. Soon, quarantines could be mandatory, businesses may be closed and travel will be restricted in hardest-hit areas. Health facilities will be overwhelmed, emergency response times will be reduced. Look for regular and widespread health alerts coming from local governments and if they start ramping up efforts to control the pandemic.

Establish a Remote Work Option

With plenty of people already working remotely, there are a lot of free tools business owners can use so that teams can stay in touch and keep working even if they are not in the same place. Implement a remote work policy that covers when you expect your team to be available and how to communicate. To establish a remote work option safely during this Coronavirus crisis, you can get in touch with risk consultancy in London.

Communicate, Communicate, Communicate

Keeping your employees up to date on emerging threats — and the company’s response — is very important. Use your company’s crisis communications now and an informed staff member is much less likely to panic and overreact. Employees should be encouraged to watch for signs of sickness in themselves and co-workers and know to whom they should report their concerns.

Plan For Major Supply Chain Disruptions

In response to the growing COVID-19 threat to their supply chains, some businesses have taken steps to reduce their production capacity by 10 % or more for the next few months, and delay shipments of products by weeks or months. If you need an effective plan for major supply chain disruptions, hire a professional risk consultancy in London.

Give Employees Flexibility

With the country’s complete lockdown, you will need to be flexible with your employees’ time. Some employees may have to leave unpredictably if their child’s daycare closes. Others may have students who come home from school for a spring break and aren’t able to return. Try to understand when something comes up and make sure you have a contingency plan in case you suddenly become short-handed. Hiring an experienced risk consultancy in London is the best way to create a contingency plan if you don’t know how to reduce the risk during the COVID-19 crisis.

Convey Financial Risks Posed By The Coronavirus

With the disturbance of supply chains and offices, there are real attacks to a company’s bottom line in the short and long term. Public organisations need to convey these risks to shareholders and regulators instead that the risks are developing and changing by the day.

Reduce Meetings And Travel

Try to keep opportunities for exposure to the virus to a low level. Postpone any professional meetings or hold them virtually. Skip any conferences or other planned business travel. If your employees get sick because of travel or meetings, you could have a responsibility issue. So, get in touch with a reliable risk consultancy in London for mitigation of coronavirus risks.

Re-Examine COVID-19 Risks Associated With Third-Party Suppliers

Besides the usual risks, analysts should look at risks associated with the countries their suppliers operate in, and those risks should be continuously monitored and updated. If at all possible, start searching for alternative sources for essential components in your supply chain. If you are a startup and don’t know how to protect your business from coronavirus risks, hire a reliable risk consultancy in London. By following these seven steps of risk mitigation, you will be able to mitigate the coronavirus risks. Still if you are not completely sure about risk mitigation, get in touch with Assured GRC.

Get Help From Assured GRC As a Risk Mitigator

If you are looking for a professional risk consultancy in London, get in touch with Assured GRC. Our experienced consultants have significant experience in providing information risk management for various organisations. When you get in touch with our consultants, they will help you by providing advice on the implementation of appropriate risk management processes for a variety of management standards and expertise to review past risk assessments. If you want to know more about risk management or mitigate the Coronavirus risks, contact us at +44 (0)203 4759 932 or management@assuredgrc.com today!