In order to manage risk, companies must first be able to identify the obvious and perhaps less obvious risks they face. Risk assessment is a proven, effective method to identify the key risks, weigh their significance and develop actions to address them before an event or a series of catastrophic events happen.
During this analysis, there will be areas of concern which surface, often as a surprise to executive management. Working with your management group, UHY Advisors’ methodical process highlights a company’s risks, as well as the likelihood of such risks and the potential impact the risks will have on the company.
REVEAL - Online ERM Diagnostic Tool
We have made significant investments in our risk methodology in an effort to promote understanding and change management of risk. REVEAL, our proprietary risk analysis software, can identify and quantify risk areas in your company and provide a scoring template to determine risks and risk categories that are most significant to you. One outcome of a REVEAL analysis is uncovering differences within a management group of their assessments of the various risks, and the organizations’ preparedness for them. REVEAL can help put teams back on the same page.
In addition, through our REVEAL database, we can benchmark your organization’s risk profile against your industry peers, or against all REVEAL companies.
To read more about REVEAL and learn how to use it, click here.
Enterprise Risk Management (ERM)
In order to obtain value, organizations must be able to balance growth and return goals with related risks through effective Enterprise Risk Management.
Our ERM approach is targeted to specific needs and can be tailored to include:
- Aligning risk tolerance and strategy so management can set its objectives and develop mechanisms to manage the related risks.
- Identifying and selecting from alternative risk responses such as risk avoidance, reduction, sharing and acceptance.
- Reducing operational surprises so that potential risks can be identified and associated losses minimized.
- Facilitating effective responses to the interrelated impacts, and integrated responses to multiple risks within an organization.
- Identifying and proactively realizing opportunities.
- Assessing capital needs and enhancing capital allocation.
Click here to enlarge the UHY Advisors ERAS Methodology diagram
Our approach is not a “one size fits all”, but rather to use our team of dedicated, experienced professionals to deliver cost effective, risk based, industry-focused solutions such as:
- The hands-on attention of our Managing Partners and Principals, many of whom have worked within the COSO framework since its inception
- Proven methodologies, best practices techniques and proprietary SOX tool
- Highly experienced Internal Control Specialists (CPAs*, CIAs, and CISAs)
- A fully integrated, in-house team, including process and information technology experts
- Minimal disruption to your “normal” activities and responsibilities
- Process mapping, assessing risks, identifying controls, developing test plans, and testing and communicating deficiencies for remediation in a timely manner
- Controls databases to assess gaps and required design control improvements