In order to effectively manage risks, companies must first be able to identify all relevant risks, understand their significance, realize the potential for exploitation of certain risks, or whether plans for mitigation must be implemented. UHY Advisors has developed a proprietary diagnostic tool, REVEAL, that utilizes a common risk language which facilitates identification and prioritization of risks. It also identifies differences in perception of risks among management and other stakeholders involved in the process. You can access the online tool with the navigation bar on the left.
Once the identification process is complete, management can then focus on balancing risk and rewards. Our ERM approach is targeted to specific needs and is tailored to include:
- Aligning your risk tolerance with your strategy and objectives
- Developing mechanisms to manage or monitor relevant risks
- Determining acceptable risk responses
- Reducing operational surprises and associated losses
- Proactively identifying unrealized opportunities
- Assessing resource needs and allocation