The chance of a company remaining in business over a ten year period in today’s business climate is estimated to be less than 10% by most business studies. Organizations must have a strong risk management foundation to continue to thrive. At Insyte, we do not use a cookie-cutter approach to risk management as we understand each company has its own unique risk and risk tolerance. We utilize a highly collaborative risk management approach to facilitate management’s identification and ranking of key risks. Unlike most risk methodologies, we also take the time to understand the existing internal control environment and assist with the evaluation of residual risk. We also focus on providing risk awareness education which is proven to enhance the sustainability of long-term risk management practices.
AREAS OF FOCUS
+ Enterprise Risk Management Services
There are many moving parts of a business. Implementing a full Enterprise Risk Management (ERM) approach is the best way to ensure all of the cross-functional risks are adequately identified and evaluated. ERM is a structured and continuous risk management process that is applied across an organization allowing management to better understand and address the complete spectrum of potential risk. The implementation of ERM can significantly facilitate financial, operational, and strategic decisions and enhance a company’s risk identification and response.
+ Risk Awareness Training
When it comes to risk management, a little education goes a long way. It is proven that risk awareness training can significantly enhance a company’s ability to identify and manage risk. Insyte’s risk awareness training is tailored to each specific audience and is appropriate for any level within the organization, including board members, senior management, or specific operational areas. We also offer risk awareness workshops, which are a fun and interactive way to train people to incorporate risk management into their everyday business decisions. These workshops are generally a half-day or full-day session that include training and case studies to further engage your organization in the risk management process.
+ Cyber Risk Assessment
Cyber security risk is a ubiquitous part of our current business landscape. The best approach to managing data security risk is to identify and address potential exposure. Our cyber security risk services include the identification of critical systems and information, an assessment of the existing internal control environment, and an evaluation of established incident response plans. The output of our security risk assessments include an identification of specific risks, risk ratings, as well as recommendations on how to address each risk.
+ Vendor Risk Assessment
Most businesses outsource one or more of their business functions to a third-party service provider. Insyte’s vendor risk assessment services include a comprehensive plan for evaluating and monitoring specific vendor risk. The assessment can range from a high level review and ranking of potential exposure to a detailed assessment of the vendor’s internal control environment, depending on the criticality of the vendor and their potential risk impact on the organization.
BENEFITS TO OUR CLIENTS
- Provide a better understanding of an organization’s risk and risk tolerance.
- Enhance risk awareness culture which can significantly increase early identification and communication of potential risk.
- Increase the efficiency of making financial, operational, and strategic decisions.
Increase the likelihood of long-term viability of an organization.