We Help Company Owners and Executives Make Informed Decisions about Risk Management
As a company owner, CEO, or managing partner, one of your most-important obligations is to manage your company’s or firm’s risk effectively. Risk management is essential to maintaining stability, avoiding litigation, and maximizing profitability on both short-term and long-term horizons. So, are you managing your company’s or firm’s risks effectively? Are you sure? If you aren’t, then how can you gather the information you need in order to make decisions with confidence?
At Corporate Investigation Consulting, we provide comprehensive risk management consulting services to company and firm leaders nationwide. We work with businesses of all sizes, and our expertise spans across all major industries. With backgrounds at the U.S. Department of Justice (DOJ), Federal Bureau of Investigation (FBI), and various other federal agencies, our senior risk management consultants offer unique perspectives, and these perspectives allow our clients to make informed decisions with the best interests of their shareholders, customers, and employees in mind.
Are You Managing Your Company’s or Firm’s Risks Effectively?
Managing risk effectively begins with gaining a comprehensive understanding of the risks that require your attention. While this may sound obvious, it is a step that frequently goes overlooked. Rather than assessing all potential risks, owners and executives too often focus on the risks that are right in front of them. While they may manage these risks effectively, they do so at the expense of managing others at all.
This can be an extraordinarily costly mistake. If a risk goes overlooked for too long, adverse consequences become inevitable. This is true whether the risk involves facing a compliance audit or investigation, a cybersecurity breach, or a civil lawsuit. Overlooking a risk represents a total failure in risk management, and it is a failure that must be avoided.
Our former federal agents help companies and firms manage their risk by taking a comprehensive approach to identifying risks and deploying custom-tailored risk management strategies. Our risk management consulting services include:
- Comprehensive Business Risk Assessment – We rely on extensive experience advising companies and managing federal investigations to identify all of the risks our clients face on a day-to-day basis. We also provide risk assessments for discrete business initiatives and transactions.
- Auditing Current Risk Management Policies and Procedures – Once we assess your company’s risks, we can then examine the effectiveness of your company’s current risk management policies and procedures. This includes both (i) identifying gaps in coverage, and (ii) identifying areas where existing risk management protocols are lacking.
- Custom–Tailored Risk Management Strategies – We offer our clients custom-tailored risk management strategies based upon their particular needs, tolerances, and priorities. Taking the unique aspects of our clients’ businesses into account, we provide them with the tools and resources they need to make informed decisions about risk management.
- Ongoing Risk Identification and Management Consulting – We work with our clients on an ongoing basis to ensure that they are continuing to manage all risks effectively. This includes identifying risks presented by new business activities and external developments as well as helping our clients implement additional necessary risk management policies and procedures.
FAQs: What Does It Take to Effectively Manage Risk in Today’s Business Environment?
Q: What are some examples of the key types of risks that business owners and executives need to manage?
Risks vary widely from one business to the next, with business size, industry, assets, and other factors all heavily influencing the risk management efforts that are necessary. With that said, in broad strokes, some of the key types of risks that businesses will often need to manage include those in the areas of: legal and regulatory compliance, contracts, cybersecurity, employment, intellectual property, and tort liability.
Q: How can I assess whether I am managing my company’s or firm’s risks effectively?
Determining whether you are managing your company’s or firm’s risks effectively requires a two-step approach. First, you must comprehensively identify all relevant risks. Second, you must individually assess your efforts to manage each of these risks independently. Once you take both of these steps, you will have a clear picture of what, if anything, you need to do in order to supplement or modify your company’s or firm’s current risk management policies and procedures.
Q: What are the key elements of an effective corporate risk management program?
An effective risk management program will consist of several elements. Here too, however, what is necessary and appropriate is heavily dependent upon each individual business’s risk profile. In general terms, the key elements of an effective corporate risk management program include: internal and external risk assessments, risk management policies and procedures, internal auditing, and risk analysis and decision-making protocols.
Q: How important is it for companies to comprehensively identify all risks?
When it comes to risk management, comprehensiveness is not just important—it is essential. Even if you are effectively managing most of your company’s or firm’s risks, if other risks remain unaddressed, these risks still pose threats to your business. Of course, the level of the threat posed depends on the severity of the risk; but, if a risk has not been assessed, it is difficult to know whether and to what extent that risk presents an existential threat to your business.
Q: What are the potential outcomes of ineffective corporate risk management?
The potential outcomes of an ineffective corporate risk management program are as varied as the risks that different companies and firms need to manage. Civil litigation is a very real possibility, as is facing a compliance audit or federal law enforcement investigation. Cybersecurity breaches, reputational harm, employee backlash, loss of customer and vendor relationships, and loss of company value are all potential outcomes of failing to effectively manage a company’s or firm’s risk as well.
Speak with a Senior Risk Management Consultant Today
If you would like more information about our risk management consulting services, we encourage you to schedule a complimentary consultation with one of our former federal agents. To discuss your company’s or firm’s needs in confidence, please call 866-352-9324 or tell us how we can reach you online today.