WDA have developed the service offering of a Fully Outsourced Risk Management Officer. The service is tailored to suit your Organisations risk environment.
We have outlined below how the implementation of a typical outsourced risk management engagement, please note all engagements are tailored to fit your Organisations resources and expectations.
- Assess existing risk management function, risk register, past reports, Internal Audit Reports, Compliance Reports etc.
- Review Risk Polices (including Risk Tolerance Statement) & make recommendations for improvements (where required)
- Risk identification review/workshop
- Reassess and analyse all risks
- Review effectiveness of risk treatments and apply treatments if necessary
- Deliver risk reports to Management team and Board of Directors
- Develop Risk Management Handbook
- Deliver risk training to help embed risk culture
- Review loss events and leading indicators
- Develop mature embedded Risk function with an aim to transition to Bow Tie Risk Management
Benefits to outsourcing your Risk Function
- Specific Risk functions designed and tailored to adhere to your organisations Risk Environment
- A Reporting Framework that’s been developed to deliver practical and relevant information to Management team and Board of Directors.
- Risk and Compliance Officers with extensive experience in risk, compliance, internal audit and governance.
- Fixed costs – agreed in advance (no hidden extras)
- Continuity in delivery of service – no succession issues through staff rotation/cessation.
- No training of staff required
- No employment law or HR issues
- Remove potential conflicts of interest arising from dual roles (i.e. CEO + RMO)
- Facilitate training for Management Team and Board of Directors