Risk Management
Define and address risks early to target and achieve sustained success
Process Improvement
Risk Identification & Taxonomies
Risk Reporting
The Challenge
Struggling to classify and manage risks can harm reputation and resiliency.
In a rapidly-evolving business environment, organizations are forced to adapt quickly in order to remain relevant. As companies lean into digital and other transformation strategies in an ever-more complex business landscape, the lack of a solid risk management framework that incorporates best practices and increases the maturity of a firm’s risk culture increases the possible threats to an organization.
Every organization today faces a risk environment of increasing complexity — running the gamut from financial, operational, and vendor risk and to IT, cybersecurity, regulatory, and reputational risk. At every turn, organizations are expected to flag potential risks, gauge these risks against the costs of mitigating them, and develop reliable strategies and tactics for safeguarding business continuity and future success.
Unfortunately, due to the broad range of demands on an organization, it can be challenging to devote the appropriate time and resources to perform effective risk management. As a result, organizations may lack the bandwidth to develop the robust approaches to risk management that are required. Establishing an appropriate risk management framework will allow organizations to develop a roadmap to better define, prioritize, and mitigate risks.
CASE STUDY
Global Financial Services Firm
A financial firm had multiple manual solutions to manage various regulatory risks areas, the management of which demanded precious time and resources. SEI led the development and design of a new risk framework and implemented a custom, automated GRC solution, enabling more effective categorization, standardized prioritization, and executive reporting of consistent risk profiles.
Our Approach
Build risk and control frameworks designed to fortify your business.
We know that every organization’s risks are unique. We believe their risk management structure should be, too. SEI consultants bring both functional and domain-specific expertise to the table to develop customized frameworks tailored to a client’s existing processes and needs. We work hand-in-hand with key stakeholders from concept to implementation, taking a solution-agnostic stance to select best-fit tools and processes.
We begin every engagement with current-state, gap, and target-state assessments. Then, working collaboratively, we design a client-specific framework that incorporates risk identification and taxonomies, risk measurement, risk mitigation, and risk reporting. Finally, we help identify a risk governance program to ensure employees are empowered to support the organization’s broader risk strategy. Rather than simply advise, however, SEI takes an on-the-ground approach to help execute on the roadmap, launching process improvement initiatives, leading risk and control self-assessments (RCSAs), supporting critical change management activities, and implementing new solutions and processes for remediation.
CASE STUDY
Environmental Services Company
SEI helped to establish a vendor risk management program for the client that consisted of processes and tools for evaluating the cyber risks associated with client vendors and implementing mitigations that would reduce these risks. In addition to implementing these processes, SEI also helped to evaluate over 300 vendors against the newly established standards.
The Results
Cut costs, elevate performance, and protect business continuity.
SEI helps clients effectively prioritize a wide range of risks, determine their risk appetite, and measure their success against key parameters. In doing so, we empower them to reduce risk profiles in critical areas with the help of quality controls and best-fit solutions. Further, we help businesses identify new opportunities for process improvement that enable them to pinpoint and manage risk earlier, cut costs, improve controls, and streamline important risk management activities.
Crucially, rather than teaching or practicing a reactive, regulatory-focused approach, we provide clients with the knowledge they need to take an agile, proactive approach to risk management, enabling them to navigate unforeseen circumstances with tact and efficiency, ultimately turning risk management into a strategic asset rather than a box to check. As a result, clients improve overall operational responsiveness and capitalize on significant long-term value.
CASE STUDY
Global Investment Bank
A global investment bank needed a new Enterprise Risk Management framework to comply with new Intermediate Holding Company Regulations. An SEI consultant worked with key stakeholders to design a new ERM framework, develop a roadmap for completion, and help implement proposed solutions. With their support, the bank received approvals from the SEC and the Federal Reserve.