A distinctive feature of any successful business strategy is that it takes advantage of opportunities and assumes systematic and idiosyncratic risks only if they are acceptable in economic and social terms. Therefore, controlling risks, so-called “risk management”, is one of the core tasks of a business. This is of utmost importance in the organization’s sustainable development and is also one of the key requirements placed on the organization and its management by its shareholders, creditors, employees, and other stakeholders.

Organizations can benefit from professional risk control in different ways (not limited to):

• Integrated risk management produces substantial synergy effects, which allows for cost reduction.
  
  
• An efficient risk management system can obtain more accessible credit financing.
  
  
• An efficient risk management system allows the organization to comply with statutory requirements, which are constantly tightened in risk provisioning.

Historically, organizations have focused on risks that can be managed through controls. However, careless handling of risks in an organization can quickly endanger their market position and, in the worst-case, their existence. Therefore, continuous risk analysis and evaluation are essential for securing the organization’s success. Today, to remain competitive and successful, it is inevitable that organizations have to widen their focus on the risk landscape and consider a holistic approach for risk transformation.

Please get in touch with us if you would like to learn more about our services in the area of risk transformation, i.e., risk management, early risk identification, internal revision and corporate compliance, and business continuity!