Enterprise Risk Management
We’re in the business of managing evolving risks
Being in the business of risk management, we know that we must lead by example — demonstrating our ability to anticipate, identify, assess, and manage the wide array of risks the company faces to build and protect its value.
A Wide Variety of Risks
Risk comes in many forms and measures. The world continues to change in ways that constantly present new risks to businesses across all industries and we are not immune to those challenges. Risks such as economic instability and inflation, data security threats, a heightened litigation environment, a highly competitive recruiting market, and the COVID-19 pandemic are challenges that we share with all our peers.
In addition, the pace and nature of our growth have presented us with more unique risks. These include risks presented by our continuous integration efforts across an ever-increasing and diverse set of businesses that choose to join the Risk Strategies family.
Building a Framework
We are very intentional about building the framework for a company-wide enterprise risk management (ERM) program that will support our growth and build sustainability for the future. We continue to make advancements in the company’s physical and cyber security structure, including data security and privacy which are particularly front-facing and growing enterprise risks. These improvements are also done with an eye toward the further future expansion of the business internationally.
Another key part of our efforts is a professional standards initiative to mitigate E&O risk and bring consistency to the client experience, as well as an enterprise-wide business continuity project to recalibrate the company’s needs, mapping them not only to our current state but to our rapid M&A growth and the increasingly volatile environment in which we operate.
We plan to centralize the ERM initiative by launching a board-level risk management committee to ensure governance and oversight of the strategic risks the company continues to take and investing in a full-scale governance, risk, and compliance (GRC) platform tool that will allow us to continuously assess and manage risk across all of our business units, regardless of their then-current integration life cycle stage.