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Enterprise Risk Management (ERM)

Risk Management is the measuring and prioritizing of risks so that risk levels are managed without being over-controlled and sacrificing opportunities.  Often overlooked as a success factor, Risk Management is intended to drive growth and support organizational mission, goals and strategy.  When implemented correctly, a good Risk Management program not only creates greater confidence, but also greater organizational value.

Enterprise Risk Management (ERM) provides the framework for risk management by identifying events, issues, and incidents relevant to organization’s objectives.  By assessing risks in terms of appetite, tolerance, likelihood, and magnitude of impact, and determining an appropriate response strategy, risks can be categorized as either threats or opportunities in a quantifiable and qualitative manner.  Identifying and proactively addressing risks and opportunities can protect and create value for stakeholders, including management, employees, customers, and regulators.

RM Advisory Services ERM Practice consultants have collaborated with both federal and commercial clients to assess, advise, and report on regulatory requirements, to review and respond on noncompliance matters, and to improve information systems processes supporting governance, risk and compliance.  We have the expertise to help you implement an effective ERM program and a process that is practical, sustainable, easy to understand, and right-sized for your company or agency.  We help clients take a disciplined approach to managing risks through assessments, process improvement, and model review and validation.

RM Advisory Service employs a high-level three-step ERM process:

  1. We evaluate your current state to understand existing Risk Management maturity level. We identify leading industry practices to develop or enhance your existing ERM framework and program that is appropriate for your mission, culture, and organizational size.
  2. We develop and design a blueprint for an integrated ERM governance process that recognizes ERM and internal control leading dependencies.  Both functions should be coordinated to support your organizational mission, goals and outcomes.
  3. We define specific risk appetite and tolerance targets for development of risk profiles that are aligned to your objectives.  Include stakeholders from all functional areas when directing the risk assessment process in an ongoing and iterative process.

For your Risk Management, Internal Control and Audit needs, our experienced staff have expertise in:

  • ERM Program Review, Design and Implementation
  • Federal OMB A-123 Compliance
  • Key Control Assessment and Testing
  • Audit Readiness and Strategy
  • Regulatory Risk and Compliance
  • Credit Risk Analysis
  • Fraud Risk Assessments
  • Financial Accounting
  • SSAE Audit and Reporting
  • Other Risk Management Services

RM Advisory has experienced forensic accountants, Certified Fraud Examiners (CFE), and risk evaluation professionals who can assist your organization to identify potential control weaknesses and fraud risks. For government assessments, our employees include former OIG staff and executive management who are intimately familiar with fraud risk for Federal agencies.

Combining our extensive experience and using tools developed by the Association of Certified Fraud Examiners, we analyze company structure, management involvement, internal and external factors, fraud risks unique to the relevant industry, strength of internal controls, personnel responsibilities and risks, fraud control activities and effectiveness, and the strength of existing fraud response programs.

For more information, contact John Glass, Principal, at 703-850-2352.