Risk management is the process of identifying, assessing, and implementing appropriate steps to reduce the number and impact of key risks faced by an organisation. Practical and cost-effective arrangements should be adopted by all organisations to minimise the probability of the risks they face. Otherwise, they will need to deal with the potential consequences if an external risk cannot be properly managed.
This is the case whatever the size of the company. From established global organisations to brand-new start-ups, no business is free of risk, although the risk types and level will vary depending on each company’s individual circumstances.
Risk management presents numerous challenges as it reflects the inevitable fact that assets, processes, and people can fail or can be damaged by external events. In turn, this can lead to consequences that are both unplanned and unwanted. Managing risk effectively, therefore, means that there is a need to understand this and to put plans in place to reduce the risk levels and the potential fallout should the worst-case scenario happen.
Our approach to risk management
As a business owner, you may know the risks involved at your organisation or you may need to get an expert assessment to establish what these are. At RSM Malta, we can help you get the best plan in place, providing risk management solutions that are tailored to your business needs.
Our risk advisory practice advises organisations on how to effectively mitigate risk and make informed and intelligent decisions. Our risk management specialists provide you with solutions to help you take the steps to protect your company. Here is a look at our key services.
Comprehensive business risk assessment
This is usually the first part of the process. Managing risk in a comprehensive way requires a detailed assessment before a plan can be introduced. Our advisory team will work with you to identify, quantify, and prioritise your key risks. This is the springboard for the full risk management process.
Align objectives and strategies
We will also position your objectives and existing strategies in line with the processes you have in place in order to achieve them.
Create a risk-aware culture
Once the risk has been established, we will form risk management plans that ensure your company and the people working for you are aware of the risks and know how to manage them.
Streamline decision-making processes
To introduce effective risk management, it is important to have smooth, streamlined processes in place. Our expert team of risk management specialists can assess which areas need attention and how decision-making systems can be simplified. By doing this, we can clear the way to help you effectively tackle any risks that arise.
Provide insights and advice
The RSM Malta team can offer advice on how to make systems more efficient and make recommendations into further cost-effective controls or changes to relevant policies and procedures.