We help our clients achieve their goals for their Operational Risk, Enterprise Risk and related risk and governance programs through design and implementation of new accounting and management capabilities, creation / update of supporting frameworks, policies, taxonomies and key risk indicators as well as implementation of new compliance mandates. As practitioners we can help address specific risk assessment objectives e.g. identification of key cross-business risks (e.g. resiliency) and assessment of the risk changes resulting from acquisitions and new business models and technology platforms.
Risk Accounting & Management Framework Design and Implementation
Risk accounting and management capability maturity assessment
Risk and control taxonomy design / creation / extension
- Enable support for risk accounting, risk management and regulatory compliance perspectives.
- Customization for specific businesses, reg requirements, governance structures etc.
Risk function target operating model design and implementation
- Identification of business and technical capabilities appropriate to the current maturity and needs of the organization.
- Organizationally appropriate governance structures, policy definition and implementation of supporting procedures.
- Design and implementation of governance structures, policy definition and implementation of supporting procedures appropriate to the current maturity and needs of the organization.
- Tool selection.
Key Risk Indicator (KRI) framework design / implementation
Indicator design and selection
- “Top-Down” and “Bottom-Up” predictive metrics to monitor changes in risk exposure.
- Risk apppetite indicators.
KRI monitoring process
- Implementation of processes and reporting for KRI monitoring and exception investigation.
- Indicator suitability monitoring and replacement.
Policy Framework Design and Implementation
- Policy authoring / update.
- Policy / policy standard taxonomy design.
- Alignment of policies / policy standards with minimum mandatory requirements for control consolidated from across applicable regulatory mandates.
- Alignment of policy / policy standard framework to control testing program.
Compliance mandate implementation, resolution / closure of regulatory and control issues
- Execution of current state assessment to identify control gaps that require closure to achieve compliance.
- Identify, definition and execution of initiatives to close gaps.
- Policy and procedure update.
- Program mobilization and oversight.
Risk and Control Assessment Execution
Execution of targeted risk assessments to help management with key decisions e.g.
- Analysis of risk exposure changes arising from new product, process, technology, or operating model adoption.
- Identification of top cross-business / cross-functional risks.
Bifrost Analytics 