Services
Assessment of Business Risks
We facilitate sessions with your organization's executive management, board and other personnel to identify, assess and evaluate key business risks. Our in-depth review and report quantifies the information gathered from these sessions including a discussion of existing controls to mitigate the major risks. Our risk assessment yields a plan for ongoing monitoring and review of your company’s internal control processes.
The ability to analyze discrete risks, especially risk that implies financial liability, is already a core competency of finance. Finance departments are now being asked to explore further and integrate the management of business risk, financial risk, operational risk and risk transfer to maximize shareholder value. This requires a delicate balance between risk control, the pursuit of new opportunities and compliance with new regulations, such as Sarbanes-Oxley.
Sarbanes-Oxley has increased the expectations on management and boards of directors of privately held companies, government agencies and non-profit organizations to understand and improve internal controls. With heightened focus on risks and internal controls, there is now a larger burden on you to understand, plan and implement intensive new programs. BlumShapiro brings you our risk mitigation capabilities, including but not limited to:
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Risk Identification and categorization: We work closely with your leaders in human resources, information technology and legal to understand how a significant event might effect revenue, reputation and operations. It is our job to help you determine risks that otherwise might have slipped through the cracks. Once you know the risks, you can evaluate their severity, likelihood and type, then develop plans for mitigation.
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Risk mitigation planning: We work with you to implement processes, procedures and internal controls that mitigate identified risks. Once the plan has been implemented, we help establish a monitoring program so you can validate that these risk-mitigation techniques are effective today and into the future.
- Process and controls assessment: We document and evaluate internal controls so weaknesses can be addressed and operations will not grind to a halt. This is especially important if key personnel losses occur so that institutional knowledge exists and training can be performed.
