Enterprise Risk Management
Enterprise Risk Management (ERM) is a strategic approach to identifying, assessing, and managing risks across an organization. It involves understanding the interdependencies of various risks and their potential impact on business objectives. ERM aims to provide a holistic view of risks, enabling organizations to proactively address risk to reduce exposure.
With our team’s assistance in implementing or evaluating a ERM program, organizations can proactively address risks, seize opportunities to increase process excellence, improve decision-making processes, and create a culture of risk awareness. Our team can provide the tools and expertise in establishing a risk management framework, risk identification, risk mitigation, and establishing a monitoring channel.
Operational Risk Management
Operational risk management (ORM) is the process of identifying, assessing, and mitigating risks arising from operational factors within an organization. These risks can arise from numerous causes, both internal and external of the organization.
Our team aims to reduce the likelihood and impact of operational failures, such as errors, fraud, or system failures, that could disrupt business operations or result in financial losses. Our goal is to help our clients effectively managing operational risks, reduce operational inefficiencies, improve process excellence, enhance resilience all to protect the organizations reputation, and improve overall performance and efficiency.
Third Party Risk Management
Third-party risk management (TPRM) programs evaluate and manage the risks associated with the use of third-party vendors, suppliers, service providers, and partners. Organizations rely on third parties for various products and services, which can introduce new risks such as data security, compliance, operational resilience, and reputational damage. TPRM programs aims to identify, assess, and mitigate these risks to protect the organization’s interests.
Our team assist clients with the establishment of a TPRM program that provides governance, risk assessment, vendor selection and re-evaluation criteria, performance monitoring and compliance dashboard and reporting.
Technology Risk Management
At Sikich, we understand that managing technology risk is crucial for the success of any IT organization in order to reduce the potential for disruption to your business.
Our team of experts partner with IT to identify, assess and manage technology risk. We help to define and implement a technology risk management system or can review what you have in place to modify and optimize your program.
Our tools and resources can help to identify potential risks before they occur, which is the key to creation of a mitigation plan. We work with management to implement a plan to address the risks and reduce the exposure.
Operational Resilience
Operational resilience is your organization’s ability to anticipate, withstand and recover from unanticipated internal and external disruptions.
Our team works with you to assess the current operational resilience capabilities, identify vulnerabilities and establish strategies to improve and strengthen resiliency. Some of the areas include:
– Business Continuity Programs
– Health and Safety
– Cybersecurity
– Information and Physical Security
Don’t be caught off guard, let us help you assess, modify or implement a resiliency program that works for your organization.
Risk Advisory
An organization’s approach to risk management can define its success. We work with clients to help them:
– Establish risk committees to oversee risk strategy, assess the effectiveness of the organizations’ risk framework and understanding risk impacts.
– Define and implement their risk strategy for how to identify, evaluate, mitigate and monitor risk.
– Guide them through the evaluation of risk transformation.
The stronger your holistic risk management program is, the more prepared you will be and safeguard against potential losses.
“Collaborating with Sikich significantly enhanced our approach to enterprise risk management. By leveraging their methodology, we’ve been able to make informed decisions, effectively migrate risks, and capitalize on emerging prospects, ultimately strengthening our organization’s resilience and competitiveness.”
Client
SVP Deputy General Counsel