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:
The indictment of several Texas Southern University officials for using $1.9 million in public funds for personal expenses provides a valuable lesson that many public companies have already learned: Internal controls can result in more effective management, not to mention fewer negative headlines and the erosion of reputation.