Disrupted supply chains, climate risks manifesting, emerging technologies and the multitude of evolving risks mean organizations need heightened risk vigilance and resilience to thrive.
The stakes are high. Harnessing the power of risk analytics to identify those risks that will define or undermine your success can create organizational flexibility and long-term profitability. Fail to alter your risk vigilance stance, and your organization could be left behind.
WTW’s enterprise risk management (ERM) approach coupled with our analytics and engineering capabilities supports you in identifying, assessing and mitigating or adapting to risks. It is focused on ensuring your risk investment strategy is realistic, achievable, efficient and delivers against your financial imperatives.
Why prioritize strategic risk assessment?
Today’s volatile risk environments demand you go beyond audit and compliance approaches to identifying risk. That’s why WTW works with you to take a strategic approach to risk identification and risk assessment. We align how we identify risk to reach beyond compliance-only stances by tailoring our methodologies to your unique business model and risk controls.
Our ERM approach to identifying risk works to:
- Reveal the universe of enterprise risks that could be leaving your business vulnerable, analyzing the risk to achieving your strategic objectives, as well as sector-specific risks
- Develop risk assessment scoring criteria methodology specific to your key risks and current controls
- Deliver risk reporting and communication tools, such as heat maps and risk summaries, that bring to life the risks that could take the business to the next phase of growth, or undermine its financial performance
- Boost risk awareness across potential silos, building a common risk language, promoting consensus in risk information and the way forward on an efficient and effective risk investment strategy.
How we identify risk and create strategic risk assessments
To ensure we identify your priority risks, we deploy a range of techniques for revealing the enterprise risks most likely to impact your organization’s success. We don’t rely on instincts or focus simply on those risks currently preoccupying individual business leaders.
We deploy a wide range of analytical processes and tools to identify the risks that matter most to your organizational aims, including:
to initially prioritize risks and filter out those less likely to be impactful
to bring to the surface comprehensive and usable risk information
to generate deeper risk understandings and discover unforeseen uncertainties and emerging risks not yet on your risk radar
to reveal the likelihood and impact of risks crystallizing
considering underlying vulnerabilities and internal and external risk drivers
such as operational processes, performance expectations, employee behaviors, procedures, or cultural characteristics that may have not been identified as major risk drivers.
to assess potential vulnerabilities, loss potential and adaptation and mitigation measures on single asset, property, or infrastructure level.
Why strategic risk management with WTW?
Our approach defines a specific scope for each risk identification and assessment exercise, including time horizon, how risks might impact and how likely the business is to deliver against its core objectives.
Our processes and analytical tools generate precise descriptions of risks. This deeper understanding of risk creates usable insights capable of direct impact on your long-term strategy and operations.
We help you go beyond risk compliance and audit to understand what risks will impact your financial strategy and enable the investment case for the most efficient risk mitigation moves.
For smarter ways to understand the risks that could deliver or undermine your sustainable success, get in touch.
