Risk Consulting

risk consultingRisk consulting is about the identification, assessment and prioritisation of business-related risks and the application of resources to reduce the probability of the risk and its impact.  The methods used are specific to each type of risk, and typically based on international and local standards.

The sub-disciplines of business risk consulting are clearly defined.  Choose your risk consulting service from the categories below.

Risk consulting categories

Risk strategy is first, because having a risk strategy in place is part of good business governance.  Risk consultants define, develop, evaluate (if you already have a risk strategy) and implement strategies for risk assessment and analysis.

These further categories are all directly related to the type of risk:

  • Compliance - the threat posed to an organisation's earnings or capital as a result of violation or non-conformance with laws or prescribed practices
  • Forensic - risks related to reputational damage and commercial loss, with forensic accounting techniques to ultimately resolve commercial disputes, fraud and misconduct
  • Operational risk - the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events
  • OHS / WHS - Occupational Health and Safety (OHS) and Workplace Health and Safety (WHS) are areas where risks associated with the safety, health and welfare of people engaged in work or employment exist
  • Regulatory - the threat posed to an organisation's earnings or capital as a result of violation or non-conformance with the regulatory environment that the organisation operates in
  • Security - risks related to the harm caused by deliberate acts to an organisation’s assets.

Internal audit rounds out the categories, with audit services that evaluate and improve the effectiveness of risk management, control, and governance processes.

What to look for in a risk consultant

Risk consulting is a discipline where the consultants have very deep expertise in dealing with specific risk types. So your first consideration is to identify a consultant in the required risk consulting category.  Or you may need a risk strategist to put the strategic risk framework into place, perhaps an internal auditor.  All of these are very specialist areas so your consultant must be ‘technically’ adept.

The second consideration is whether your consultant should have experience in your organisation’s sector and industry.  And the final consideration is the strength of this experience – which will range from familiar only through to very deep.

If you are ready to speak to a risk consultant for your needs, select the "Risk" category in our quick online wizard.

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