IT Risk Management Fraud, Waste & Abuse Prevention Forensic Accounting & Fraud
Risky Business Made Less Risky
Enterprise risk management is a relatively new concept. Historically, risk management has focused on property and casualty exposures to loss. More recently, financial risk management has become an important part of many companies’ risk management strategies, as interest rates, foreign exchange rates, and derivatives have grown in relevance. The growth of E-commerce has introduced a whole new set of opportunities for loss.
Enterprise risk management entails the establishment of a culture throughout a company focused on the identification, analysis, and actions required to reduce a company’s exposure to loss. Business growth involves rapid changes in production, marketing, distribution, and human resources, often exposing the company to increased risk. To be effective, a company must implement risk awareness and prevention programs on a company-wide basis.
Avoiding, assuming, reducing, or transferring the risks are the primary tools available for the management of risk. Reducing risks involves taking steps to reduce the probability or the severity of a loss. Assuming risks entails accepting that a loss may occur and being prepared to pay the consequences. Transferring risk refers to placing responsibility for a loss on another party by contract, usually through insurance.
In implementing an enterprise risk management program, the following steps are taken:
1) incorporate risk management into the core values of the company
2) support those values with actions
3) conduct a risk analysis
4) implement specific strategies to reduce risk
5) develop monitoring systems to provide early warnings about potential risks
6) perform periodic reviews of the program.
The following are some of the vital services that Lanter, Leonardo & Levy which can be an integral part of your company’s enterprise risk management program:
Fraud, Waste & Abuse Prevention
Forensic Accounting & Fraud Investigations
The best strategies for business and personal growth and success are specific to your business and personal situation. Your plan must be tailored to fit your unique circumstances. Contact Lanter, Leonardo & Levy for a no obligation consultation on building and preserving the company and wealth you have worked so hard to achieve.
Call Alex Leonardo or Rick Captain today at 561-998-7770
