Jo Why Lee

London - United Kingdom

    What to expect from a risk Insurance firm in 2015

    April 2, 2015

    Regardless of what sphere of life you are looking at, risk abounds in every corner. It is however more pronounced in the business environment. It can be found in everything ranging from possible breaches in security to weaknesses in the supply chain. This is why it is virtually impossible to completely avoid risk. However, you can mitigate risk and keep it under control by working with quality risk ainsurance providers.

    How do you know quality risk assurance providers? How can you differentiate the best from other companies? We take a look below.

    They offer a fresh perspective

    The best risk assurance firms look at your policies, systems and controls, processes, from a new perspective.  They completely cover third parties you work with, data integrity, internal audit, IT and other projects, regulation and business processes.   This is possible because such firms have an army of practitioners that have certifications that are relevant to their areas of expertise. This allows them focus on the details of your risks from every angle.

    They always look at the big picture

    The best risk assurance firms don’t work off a check list or split risk into specific compartments. This is because in business, it would be counterproductive to do so.  Instead they combine expertise in business processes, regulation, finance and technology and make a collective analysis on findings. What this implies is that it will be easier for the business owner to see risk in a holistic manner. This allows better forecast and planning to arrive at the business decisions that will keep any business on the right track.

    Important things you should expect

    - They also ensure you have the appropriate systems in place to see risk clearly and quickly size up its implications.
    - A risk assurance firm should be able to create new risk controls or at the very least work on what you already have on ground to improve it. This means they should enhance your strategy instead of blocking it.
    - They provide your internal auditors the skills needed to anticipate risk.
    - They help ensure that your business has the processes you need to report accurately and stick with industry regulations.

    All of these ensure that your businesses processes are transparent and clear. This is important if you are to transform your business into one that everyone connected to it, including investors and customers, can trust. 

    Read Jo's other blog entries >

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