Enterprise Risk & Regulatory Consulting

Service description

Enterprise risk and regulatory consulting helps a business identify the risks that could hurt it and the rules it must follow, then build a framework to manage them. A consultant maps obligations to the business's industry, sets policies and controls, and builds reporting for management and the board. The framework is meant to be kept current as the business and its rules change.

Common industries

Applies to regulated or fast-growing businesses, such as finance, health care and energy.

ROI

A real framework turns scattered risk-handling into a defensible program regulators and boards accept — value scales with regulatory exposure.

Benefit

Design and implement an enterprise-risk or regulatory-compliance framework tailored to your industry and obligations.

Why get it

Scattered risk handling leaves gaps that regulators, lenders and boards can see. A framework tells leaders which risks matter most and who owns each.

When you benefit

Usually a build phase, then periodic updates, often yearly or when the business or its rules change.

What it costs

Typically a project fee.

When you pay

Providers usually charge a fixed fee for assessing risks and building the framework, scaled to the business's size and regulatory exposure. Ongoing support is typically hourly or a monthly retainer.

Other costs

Compliance or risk-tracking software, training for staff, and the cost of putting new controls in place.

Risks to know

A framework that covers the wrong rules, or sits unused, gives false comfort. Which regulations apply depends on the industry and states involved, and missing one can lead to penalties and enforcement. A framework no one owns tends to go stale.

When risks arise

Gaps in coverage usually show up at a regulatory exam, an audit or an incident. A framework that is not updated falls behind as rules change.

The process

The provider interviews leaders, reviews operations and identifies the risks and rules that apply. It then designs the framework, with policies, controls and reporting. The business reviews and adopts it, and the provider trains staff and may support updates.

Your commitment

The business shares its operations, contracts, licenses and current policies, and names an executive owner for risk. It should make leaders and process owners available to discuss risks and approve how each will be handled.

Documents to gather

• Org chart and a list of products, services and locations
• Licenses, permits and correspondence with regulators
• Existing policies and any risk register
• Prior audit or exam findings

Helpful reading

• Enterprise Risk Management — COSO
• Managing Risks: A New Framework — Harvard Business Review
• IR 8286, Integrating Cybersecurity and Enterprise Risk Management (ERM) — NIST