The Risk services offered by Deloitte member firms provide solutions and frameworks in the areas of risk analytics and measurement, risk reporting, and risk data management to help companies design, implement, and improve their infrastructure (processes, data, and technology) related to specific risks (e.g., governance, strategy and planning, operations/infrastructure, compliance, and reporting) affecting the organisation. This includes data analytic techniques to enable ongoing monitoring, the build-out of data management capabilities, and development of KPIs.
Deloitte member firms work with organisations to implement risk appetite and utilisation monitoring capabilities and to establish related risk governance structures needed across the enterprise. Deloitte professionals can assist with developing a strategic approach to managing risk that simultaneously addresses management expectations and provides solutions for both risk management and regulatory compliance.
Risk assessment, monitoring and management: The Risk Assessment, Monitoring and Management services provided by Deloitte member firms focus on designing, implementing, and improving specific risk capabilities such as the following:
- Risk governance and oversight
- Risk policies and procedures
- Risk identification and assessment support
- Limit utilization and risk monitoring capabilities
- Portfolio management and concentration exposure analysis
- Contingency funding plans
- RCSA programs
- Loss event data analysis
Risk assessment, monitoring and management
Risk benchmarking and analysis: The Risk Benchmarking and Analysis services provided by Deloitte member firms assist clients in assessing and benchmarking risk management capabilities against regulatory requirements and industry practice expectations.
Risk benchmarking and analysis
Risk management processes and systems: Risk Management Processes and Systems services include assisting member firm clients with evaluating risk management process efficiency and effectiveness considerations.
Risk management processes and systems
Risk reporting and monitoring: The Risk Reporting and Monitoring service provided by Deloitte member firms focus on assisting clients with the establishment of a documented and consistent reporting process for management and regulatory risk reporting.
Risk reporting and monitoring
Quantitative and qualitative measures of financial risk: Quantitative and Qualitative Measures of Financial Risk Services include assisting member firm clients with the following:
- Developing, designing and implementing a risk-based capital framework based on regulatory guidance and leading industry practice
- Assessing, testing, and developing risk measurement and regulatory and economic capital models, including model analytical components, model results and outputs, model theory and framework, model data quality, and model benchmarking
- Developing stress testing programs, including specifying stress test scenarios, sensitivity analysis, simulations, and scenario analysis approaches
Quantitative and qualitative measures of financial risk
Risk management implementation and training: The Risk Management Implementation and training services provided by Deloitte member firms focus on assistance with developing and rolling out varied role-based, risk-oriented training.
Risk management implementation and training
As risks rise, boards respond
A global view of risk committees
Boards of directors have been working hard to fulfill their risk oversight responsibilities in a challenging environment. Regulations are changing rapidly in most industries, and vary significantly across countries. Investors, analysts, and the public are demanding greater transparency into risk and risk management, as are creditors, counterparties, and other stakeholders. Many boards legitimately wonder not only what regulators want, but also which approaches to risk oversight actually work.
The world and the environment in which decisions are made are experiencing profound transformations. Consequently, new risks appear, old ones are changing - and the ability to cleverly understand and manage risks will be crucial.
Thus, one year after the last governance, risk management & compliance edition of Inside, this first issue of 2015 points out key topics in these areas. It focuses on the roles and challenges of Boards of Directors, Board Committees, Chief Risk Officers, Chief Information Security Officers, Chief Compliance Officers and Chief Internal Auditors. We hope you will find this publication insightful.
Further reading from the Deloitte Global Network is available from the links below.
Risk & Compliance Journal from The Wall Street Journal
Deloitte writes and compiles a regular stream of content and timely features on risk, cyber, regulatory, and compliance matters—research, topical digests, perspectives, insights, and technical analysis—which appear in a separate module of Risk & Compliance Journal, an online publication from The Wall Street Journal.
What’s risk got to do with it?
If you asked CFOs to list the major uncertainties they’ve grappled with over the past couple of years, you might get consensus on risks such as the economy, regulation, commodity pricing, and consumer demand. But, you would probably get little agreement on how they’ve factored such risks into their financial forecasts and planning.
Part of the problem is that financial planning and analysis has not changed fundamentally from the way it was done 10 years ago, despite the onslaught of new and more-strategic risks. Moreover, there still appears to be very little process integration across risk management, strategic planning, financial forecasting, and budgeting – integration often considered vital to addressing the speed and range of risks many companies face.
In this issue of CFO Insights, we discuss what still needs to be fixed in the financial planning and analysis process and introduce an analytical framework – risk-adjusted forecasting – that seeks to tame the uncertainties in that process. Read more.
A Corporate Governance breakdown
Exposing companies to greater risk of fraud and corruption
Internal auditors play a vital role in reducing the risk of fraud, corruption and other corporate wrongdoing. Yet, according to Deloitte’s new analysis of member survey data from The Institute of Internal Auditors (IIA), 62 percent or more of internal audit functions at public companies globally do not comply with all of the IIA's International Standards for the Professional Practice of Internal Auditing. The situation is surprisingly similar at private companies, governmental and nonprofit entities.
Learn more about the IIA standards, Deloitte’s analysis of noncompliance, and how elevating their Internal Audit function may help organizations preserve and create value by downloading your copy of this article here.