CHICAGO, IL / ACCESS Newswire / February 11, 2025 / Baker Tilly
Client need
Our client, a consumer health company, sought help in comparing its existing risk register to that of its competitors to identify gaps and any potential strategic and emerging risks which should be considered for inclusion in its annual risk register update. In addition, for each of the risks within the client's risk profile, the client was interested in the development of mitigation strategies and planning which could be shared with risk owners to enable them in the mitigation of their owned risk register risks.
Baker Tilly's solution-driven approach
Baker Tilly's Enterprise Risk Management team leveraged RiskScan artificial intelligence technologies to scan public facing competitor documentation (10-ks, annual reports, new articles, etc.) to develop a comprehensive industry risk universe which could be directly compared against the client risk profile.
Baker Tilly then performed analysis to identify risks that were not present in the existing risk profile and provided detailed context to the client on each specific risk which should be considered for addition into the updated client risk profile. After the client reviewed and approved the results of the analysis, the Baker Tilly team then imported the client's root causes, impacts and additional risk details into the analysis engine to identify specific mitigations that could be leveraged by risk owners to reduce the risk exposure for their assigned risks. Each of these mitigations was plotted on a two-year implementation timeline, with identified efficiency opportunities around the timing of mitigations to ensure that the client's mitigation activities and associated resources were aligned to provide the best return on investment possible.
Results achieved
The external risk analysis resulted in the identification of 10+ unique risks which were not present in the client's original risk profile. In addition, the client was presented with an overview of competitor risks based on the resulting documentation analysis. This provided the client with assurance that their risk profile was comprehensive and included the full breadth of risks being considered by competitors in their market space. The analysis also provided the client with a full inventory of root causes, impacts, and risk relationships that could be compared against existing risk documentation to ensure that client was considering all the various inputs and outputs associated with the materialization of risks within the risk profile.
The mitigation strategy analysis resulted in the identification of over five unique and tailored risk mitigation strategies for each of the risks within the updated client risk register. This analysis included critical dependencies as well as efficiency opportunities where mitigations could be performed to impact as many risks as possible and provide an efficient use of the client's limited mitigation resources. These mitigations were then mapped to a two-year timeline (broken down by month), outlining detailed steps and associated timing to complete the recommended mitigations. This mitigation roadmap provided the client with the information that they needed to share with risk owners to kick-off mitigation planning for the new year. In addition, the related mitigation mapping helped the client to identify synergy opportunities where mitigation actions could be performed to impact multiple risks-helping the client save time and resources in the management of their enterprise risks.
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SOURCE: Baker Tilly
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