Identifying, assessing, controlling and managing risks using qualitative and quantitative measures
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Risk management is becoming a core component of corporate strategy. We can no longer speak of performance or profitability without considering the risk aspect. Understanding one’s risks, assessing them and implementing various levers to respond to risk are central to a company’s ERM (enterprise risk management) mechanism.
The risk manager must help in ensuring the security of the company’s business and in coping with both internal and external changes (regulatory, technological, corporate). Some risk-taking is deliberate and is integrated into the company’s business model. The Risk function then seeks measures to control it and uses the data at hand to model it, make projections, add shock, define limits, etc. Other risks are generally incurred and are more difficult to quantify. Other more qualitative techniques are used to tackle them and define priorities for the risk response measures. These are the various tools and approaches that can be used to take the risk spectrum into account, as much in the running and the culture of the company as in each major decision-making challenge it has to face.
Organising the risk procedure must include a sound approach. Our Risk service incorporates this procedure, which is enriched with expertise specific to each risk category, in particular by:
- Defining the risk profile, and identifying and assessing risks using quantifying methods and scenario analyses, including major risk scenarios;
- Defining risk appetite and what it implies for each entity in the organisation;
- Using the best risk modelling and business plan projection techniques based on different scenarios;
- Providing support in implementing the risk control mechanism, tooling (ERM, etc.) and measuring its effectiveness: equity allocation, limits system or hedging, control plan, business continuity and crisis management plan, insurance programme, anti-fraud mechanism, data protection, and so on;
- awareness-raising, training of the risk units and assistance in auditing the mechanisms implemented.