What is Risk Management and Oversight?
Risk Management is broadly defined as anything that can prevent your company from achieving it’s objectives. Risk management is further defined as a continuous process to identify, analyze and evaluate loss exposures while monitoring the risk controls and the financial resources to mitigate the adverse effects of risks (e.g., losses).
Pragmatically, risk management of financial, operational, geopolitical, and strategic matters can be framed with a series of “What If” conversations whereby leaders:
- Understand likely root causes to then develop effective action plans and monitor risk controls
- Proactively identify, evaluate and execute plans to minimize risk outcomes (e.g., losses)
The Oversight component is the Board of Director’s monitoring and supervision of management’s execution of the enterprise risk management plans. The management team is responsible for assessing, forecasting, monitoring and controlling risk impact on the organization’s strategic goals (e.g., enterprise risk management).
Benefits of Risk Management and Oversight to Your Organization
Any strategy discussion benefits from risk management that assesses:
Risk vs. Opportunity
Prioritization and Sequencing
Change Management and Cultural Transformation
Reputational Uplift vs Impaired Assets
The value risk management brings to your organization:
Sensitized risk Intelligence on the likelihood and impact of the identified risks
Solution oriented recommendations that are broadly understood by the organization
Creation of short and long-term roadmaps with milestones and transparent monitoring of progress
Elimination of regulatory compliance remediation now and the future
How Longview Leader Can Help…
The world continues to experience heightened levels of uncertainty. Having risk management alongside for business decisions to answer How, What and Why for the way forward is the vital role Longview can play in solution development.
We helped clients…
A healthcare insurer had an internal promotion which created the need for an on-demand resource to function as the liaison with external auditors for the year-end financial audit and manage SOC 1 audit reviews until a replacement was hired. Longview Leader’s audit and accounting experience permitted a quick ramp up to add value in the early days of the engagement. Project management capability was needed to organize and prioritize multiple simultaneous and interdependent work streams.
Third-Party Risk Management (TPRM) is a priority risk because of the uncertainty and costs with third-party cyber risks. Having an effective risk based TPRM program reduces the negative impact on technology business decisions for customers and your financial solvency. Longview Leader developed a third-party risk management education program for a Fortune 500 company in the insurance sector. It brought strategic vigor around risk assessment elevating vendor due diligence.
Contact Valerie Nielsen from Longview Leader Corporation to get started
