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Risk Analysis

Risk Analysis And Impact Assessment

A formal assessment of your firm’s business with regard to the relevant regulation or across any relevant regulatory handbooks and/or rule books. Areas for enhancement or improvement will be highlighted with recommendations for practical implementation.

There Are Three Key Stages To Managing Risk

Identifying Risk

The first step is identifying what risks are specific to your business. Methods of identification include a legal compliance and litigation risk health check and a technical appraisal of your systems.

Assessing risk

The basic premise here is to identify how big the risk is to the business. In other words, what would happen if the risk was to materialise – such as revenue loss, reputational damage, prosecution and fines, fraud, trade disputes – combined with the likelihood of the risk materialising.

Managing risk

Once risks have been identified and assessed, it is for the business to decide what, if any, controls are needed to help prevent the risk occurring or mitigate the outcome of a risk materialising. Controls should be established to deal with each risk and reviewed regularly to ensure they are still relevant and effective.