Regulatory Risk Management is critical, and serves a vital role in the long term viability of all businesses. isecure ERM can provide a practical and cost effective solution tailored to your business.
- In the current volatile business environment, effective and efficient day-to-day Regulatory Risk Management is critical to an organisation’s people, processes, and long-term viability.
- The Regulatory Risk Management department serves a vital role, given its unique position within an organisation at the crossroads of the operational, financial, accounting, and strategic functions.
- A proven, structured approach to assessing and developing a risk-aware culture—the core responsibility of a Regulatory Risk Management department—can help to mitigate risk across an entire organisation.
- Building and sustaining such a model requires the involvement and vigilance of experienced senior Regulatory Risk Management professionals.
- While many organisations employ such individuals on a full-time basis, others do not want due to
b) organisation size, or
c) budgetary issues.
6. Regardless, Comsure’s Regulatory Risk Management Consulting (isecureERM’s) specialists can provide focused expertise where and as needed:
a) from the execution of day-to-day Regulatory Risk Management tasks; to reengineering key processes;
b) to driving the adoption of risk-aware culture, so that an organisation can meet the challenges posed by today’s complex and emerging risks.
7. isecureERM’s Regulatory Risk Management Co-sourcing professionals have the experience and expertise required to help organisations streamline Regulatory Risk Management activities.
8. During a preliminary Regulatory Risk Management function review, iSecureERM will
a) assist an organisation’s senior management team with determining the current and desired future state of its Regulatory Risk Management function and the roles to be assigned to its Regulatory Risk Management department.
b) Document current Regulatory Risk Management department activities to identify gaps with senior management’s desired goals.
c) Will make recommendations for refocusing an organisation’s Regulatory Risk Management staff to meet senior management’s expectations and propose how Comsure can support the execution of a Regulatory Risk Management department’s activities through Co-sourcing.
Beginning with one of three Co-sourcing models, we customise our cost-effective range of solutions to meet each organisation’s Regulatory Risk Management objectives.
- Limited Co-sourcing Model
- Hybrid Co-sourcing Model
- Full Co-sourcing Model
Limited Co-sourcing Model
9. isecureERM provides organisations with a thorough review of their Regulatory Risk Management department by first documenting and assessing current activities.
10. This review includes interviewing task performers and capturing key process steps.
11. Following such an assessment, isecureERM professionals will recommend process reengineering, which includes an in-depth comparison of current process flows with iSecureERM’s understanding of best practices.
12. After the reengineering, iSecureERM will make recommendations to improve the overall process efficiency and effectiveness of an organisation’s Regulatory Risk Management department.
Hybrid Co-sourcing Model
13. isecureERM offers a more hands-on approach with the onsite presence of part-time senior Regulatory Risk Management professionals. Services include:
a) The documentation and assessment of current key processes.
b) Process reengineering.
c) The Co-sourcing of a limited range of risk financing, management reporting, and risk administration activities as agreed with the client.
14. Periodic management reports provide detailed insight into claims frequency and severity, identifying key points of vulnerability.
15. Also, isecureERM’s risk experts can build, implement, and maintain risk improvement programs, thereby mitigating the potential impact of operational risks.
Full Co-sourcing Model
16. isecureERM provides a full or part-time onsite and offsite Regulatory Risk Management service that is customised to each organisation’s needs.
17. In addition to the services provided in the limited and hybrid Co-sourcing models, isecureERM specialists, led by a senior risk professional, can:
a) Train and mentor a client’s existing Regulatory Risk Management professionals.
b) Recommend changes in claims strategy to improve claims results, and overall risk strategy, to assist the organisation’s executive team in the determination of its key risks and risk appetite.
c) Help communicate major Regulatory Risk Management policies and procedures.
d) Assist with building key internal partnerships to optimise the Regulatory Risk Management function.