EY Risk Transformation Consulting Services helps Boards and CxOs to build agile and risk-aware organizations that make better decisions to achieve their strategic objectives.
What EY can do for you
Organizations grow and generate value through a series of strategic business decisions — decisions that require taking risks. Identifying, managing and responding to these risks well position an organization to grow and remain successful.
Historically, organizations have focused on risks that can be managed through the implementation of controls. But more often than not, these offer few benefits in terms of an upside. Therefore, organizations should broaden their focus on the risk landscape and consider three categories of risks: upside, outside and downside.
Designing your risk strategy
Our Risk Transformation Consulting Services team helps Boards and CxOs build agile and risk-aware organizations that make better decisions to achieve their strategic objectives. We help you define your universe based on strategic, financial and operational goals (“risk appetite”) and categorize the risks you should embrace, avoid or mitigate (“risk strategy”). All this helps align your risks to your purpose and business strategy.
Transforming your functions and processes
Typically, organizations have several functions that are tasked with different aspects of risk management. Often, these functions work in siloes, resulting in significant duplication of risk management efforts, confusion in reporting and, ultimately, slowed decision-making.
To avoid or overcome this organizational hazard, you must build synergy, develop agility in risk functions and processes and define and assign clear ownerships and accountabilities.
Implementing your solutions
Implementing and managing solutions across the lines of defense owned by process owners, controlling functions, and auditors requires an integrated view of risk.
Depending on the risk maturity of the organization, our Risk Transformation Consulting Services team will prioritize and implement digitization opportunities across the landscape of risk types and risk activities. We’ll implement a variety of solutions in a programmatic fashion, for instance, implementing an integrated governance, risk management, and compliance (GRC) platform or spot fixes in areas such as developing and validating risk models, optimizing controls, implementing programs for managing compliances, contracts and program-related risks.
Risk Transformation Consulting Services helps you with:
- Board consulting
Helping you develop effective corporate governance.
- Next-Gen enterprise risk management
Helping you stay agile, reduce performance variability and enhance your resiliency by adding a critical layer of focus on the need to embed and better integrate strategy and performance risk considerations into existing enterprise risk management (ERM) processes.
- Risk function optimization
Helping you optimize risk management efforts by evaluating the extent of risk coverage by various risk management functions; alignment of risk management roles at the board and management levels; and alignment of risk appetite with stakeholder expectations. We’ll also help you assess the impact of digitization on the risk function as a whole.
- Digital risk management
Helping you understand, assess and manage risks during your company’s digital transformation. This includes risks across the life cycle of the transformation and includes the implementation of new technologies such as intelligent automation, artificial intelligence, IoT, and blockchain.
- Advanced risk analytics and foresights
Helping you with advanced sectoral analytics embedded into a solution with “what-if”/predictive simulation capabilities that provide sharp insights on process deviations, operational inefficiencies, financial leakages and probable red flags.
- GRC technology enablement
Helping you harness risk and opportunities in a digitally disrupted world by breaking down traditional siloes and leveraging synergies across GRC to look at them in an integrated and a smarter way.
- Application security
Helping you assess, design and implement scalable and sustainable application security that addresses your risk and compliance requirements and aligns to business processes in order to drive efficiencies while reducing risk.
- Controls transformation
Helping you reduce the cost of controls with our controls transformation approach that can cut costs by 20% to 40%, accelerate process execution, and align risk management efforts with strategic objectives.
- Third-party risk management
Helping you with the complex nature of the third-party risk management and providing you with assurance over the contract delivery. We’ll manage these risks through a unique cloud-based platform capable of digitizing the qualitative and quantitative assessment of risk.
- Program risk management
Helping you achieve your desired outcomes for the most critical and complex programs and initiatives. We’ll help you identify, manage and respond to program risks in order to improve program execution, build confidence and increase the likelihood of successful outcomes.
- Regulatory compliance
Helping you navigate the compliance journey starting with establishing a strong governance framework, creating an ongoing risk monitoring framework, automating the risk monitoring through a robotics-enabled platform, conducting regular risk assessments and providing ongoing regulatory updates for risk monitoring.
- Risk management as-a-service
Helping you improve risk and compliance activities through our leading methods, experienced risk professionals and global footprint. Our managed services offerings are better positioned to help you achieve your strategic objectives at a predicable cost.