Risk advisory and analytics
Outcomes focused and data driven risk management
Whether it is our inclusive approach which brings cognitive diversity to risk identification to reveal an organisation’s hidden risks, or our utilisation of artificial intelligence (AI) in the boardroom for optimising decision making, our risk advisory services stand out from the crowd and help organisations make better informed decisions on risk that lead to better business outcomes.
Risk advisory and analytics is part of a well-established team, harnessing the skills of 100 multi-discipline, cross-sector experienced actuaries and consultants. A further 23 certified enterprise risk actuaries, 45 project managers, 30 risk governance practitioners, 13 quality and assurance professionals, and 21 software engineers can be mobilised from our 1,330-strong firm to quickly scale any organisation’s risk management function or project.
Our risk professionals deploy and facilitate the identification of risks for all departments and projects at organisations. In comparison to the traditional risk identification workshops, our methodology utilises digital tools to better harness the multiple perspectives within an organisation, giving the leadership more visibility of the risks they face and revealing previously hidden risks. This is further enhanced and scaled by utilising our data analytics capability to include all staff at an organisation.
Our very pragmatic approach to risk appetite and tolerance will produce more than a well written statement for the client. Utilising technology and leveraging the commercial acumen of our risk professionals, the leadership of an organisation will better understand the risks they face and collectively agree risk appetite and tolerance on a more granular level than before, ensuring that the leadership are not pulling the organisation in different directions and at different speeds within their respective remits.
Furthermore we implement a practical framework over existing reporting lines to communicate and instil the risk appetite and tolerance of the leadership throughout the organisation, reducing cognitive dissonance between those who make decisions and those who deliver the actions, whilst automating the escalation of risks and response actions when needed. This is further enhanced by utilising AI decision analytics software to bring precision, optimisation and speed to group decision making.
Giving risk managers and decision makers an overview of risk management information in one place, increasing visibility of risk, reducing time for reporting and giving business insights through the analysis of data.
We place our risk professionals at organisations on an ongoing basis. This may be as interim cover, to setup and build a risk function, or to temporarily expand the capability of an organisation’s risk team for a particular project. We will either provide one of our risk professionals full time or deploy a more agile solution that harnesses the collective experience and skills from various disciplines and sectors at our firm.
This is a combination of CROs from regulated sectors, compliance professionals, leaders in ERM and insurance, risk coordinators and risk subject matter experts who would be utilised when most suited to the task in hand.
At the core of managing risk at an organisation is the framework that supports the process. Our risk professionals work with organisations to review, design and implement risk management frameworks and processes that leverage existing organisational resources and better support the needs of the organisation.
Risk Assurance gives confidence that an organisation’s intent stated in policies is executed effectively in controls, and that the intent is aligned with risk appetite.
As our workshop discovered, the increasing costs associated with regulation – in particular, PII premiums and FSCS levies - are placing significant burdens on advisers. These increased costs, however, reflect a broken marketplace and an unfair system of funding, respectively.
The letter writing campaign of last year proved that MPs represent the most effective conduit for advisers to set out their misgivings about the current state of regulation, and its unintended consequences on access to advice for consumers.
Should an inquiry into the ‘fitness for purpose’ of the FCA take place this year, it could prove to be the most effective way of removing pervasive burdens from the shoulders of advisers.