Comprehensive risk management survey (audit) is an initial and crucial step in the implementation of effective corporate risk management programs.
Risk audits, which can be general or risk/business area-specific, will help to establish new or strengthen existing risk management practices. They can be particularly useful to:
- Identify and analyze major risk exposures
- Define potential loss scenarios and their business impact
- Identify critical weaknesses in risk management, internal control and security systems
- Implement necessary loss control and prevention measures
- Outline new directions and targets for risk management systems development
- Assess overall effectiveness of risk management procedures and control and their compliance with regulatory requirements
The team of our consultants has extensive experience working with the following industries:
- Financial Institutions, including Banks and Insurance Companies
- Telecom and IT Services Providers
- Commercial and Trading Companies
Where necessary, we, with prior consent of the client, can invite outside experts to make more in-depth and technical study of specific issues which can be important in a particular case, such as fire or engineering safety issues.
Upon the completion of a risk survey (audit) a report with major results, conclusions and recommendations is issued to the client. The report includes a management overview of the findings which can be presented at the Board level as well as technical information to be reviewed by business departments, risk management and internal control services.
Where required, the report can be either presented by the client to insurance companies as a basis for insurance risk assessment or used in completing necessary proposal forms.