How do you think about risk in your firm?
Is risk ‘bad’? Is it something that should be avoided? Do you only think about risk in relation to failed processes and how such instances may cost the firm money?
If this is the case, why not try to flip the narrative on how you think about risk? Firms should not be thinking about eradicating risk entirely; after all, you need to take on risk to get reward and meet your objectives – right?
The key to risk management is knowing the appropriate amount of risk to take on in pursuit of your goals, and managing that risk in an informed and controlled manner.
At MacRoberts we think about risk at a firmwide or enterprise level to allow senior management to have a full view of the risks that they face. This helps to reduce the number of ‘surprises’ and ‘unknowns’ that inevitably come up in the course of doing business.
We advise firms to look across a full spectrum of risks such as:
- strategic (people, business planning and objectives, political/economic, markets and clients, marketing & business development)
- business (tailored risks to your firm and the industry in which you operate)
- financial (adequacy of financial resources, pricing, reporting)
- operational (business continuity, technology, cyber, information security, legal, environmental, facilities management)
- conduct (financial crime, regulatory obligations, culture and values, complaints)
MacRoberts can help you to:
- identify, assess and manage risks to an acceptable level
- provide reporting on those risks to the Management Board/owners/senior management
- build a risk framework
- increase your firm’s resiliency
Further information
For further information on how MacRoberts can help your business in its risk management journey, please contact MacRoberts' Head of Risk, Phil McCrossan.
