Risk Identification and Assessment
Effective risk identification and assessment helps your business achieve its business objectives by focusing on two key goals:
- Identify and categorize risks across the enterprise, and
- Measure the intensity of the elements that drive each risk and assess the business' exposure to these elements.
EisnerAmper's ERM framework incorporates comprehensive business and industry-specific risk inventories to provide risk identification and assessment scaled for the mid-size clients we serve. This framework considers four global categories of enterprise risks:
Strategy — Risks that could impede or prevent the achievement of "high-level" performance goals tied to your business' mission statement, business plan, or organizational purpose.
Operations — Risks that impede or prevent the effective use of resources to execute your business strategy.
Finance — Risks that prevent accurate financial reporting, both internal and external. These risks are frequently in the domain of Sarbanes-Oxley for public companies or Model Audit Rule for insurance companies, however ERM methodology includes the financial management reports used to make business decisions.
Compliance — Risks that impede or prevent your business from meeting requirements under contracts, laws, regulations, and other generally accepted standards. These risks are specific to your business' requirements.
EisnerAmper will bring expertise and an independent view of your business risks to your ERM leadership team. If your business already has a risk assessment program in place, then EisnerAmper will help you assess its maturity and effectiveness.