Compliance Advocacy Solutions appreciates that risk management can be seen as complex and process driven from the perspective of the people who need it the most – the business (also known as line 1 in the 3 lines of defence model). If the business doesn’t understand the purpose of risk management and the risk infrastructure, the best designed processes won’t be embedded and will quickly fall over leading to unintended consequences and negative customer impacts.
Most of the clients we assist are part of a larger APRA or ASIC regulated Group. Whilst the Group has a strong risk management framework the individual business area has struggled to keep pace due to a combination of factors such as organisation restructure, increased accountabilities or new staff (to mention a few).
Not understanding and managing risk will lead to customer detriment such as the misconduct that was heard through case studies at the recent Financial Services Royal Commission.
Adopting a ‘simple is best and ‘customer-centric’ approach, we assist discrete business areas with the following:
- Alignment of business practices to Group risk management framework
- Embedding Board approved risk appetite statement and risk management strategy within business practices
- Conducting risk workshops to help a business understand their risk and opportunities
- Risk profiling as an enabler for the business
- Controls and control testing plans
- Ensuring risk is part of management’s day to day focus in a meaningful manner.
- Development of simple risk management tools and processes to assist the business to manage their risks and optimise customer opportunities.
Contact us today to understand how we can help demystify risk