Risk Management Services in Singapore
Introduction
In the dynamic landscape of Singapore’s business environment, effective risk management is a fundamental discipline for organisations to safeguard value, guide informed decision-making, and satisfy regulatory, investor and other stakeholder expectations. Material risks are growing in scope and interconnectedness, making structured, expert risk management consulting services vital for businesses of all sizes and across all sectors and regulatory categories.
Experienced practitioners with deep expertise in enterprise risk management, operational risk, financial risk, regulatory risk advisory, and compliance and risk management solutions provide our risk management consulting services in Singapore. We use our analytical skills, hands-on experience, and unbiased approach to help organisations identify, evaluate, and manage their key risks with confidence. The strategies we employ are unique to the client we are serving, based on their risk profile, regulatory environment, and organisational dynamics.
Understanding Risk Management in Singapore
Risk management refers to the processes, frameworks, and governance structures that organisations adopt to identify, assess, respond to, and monitor risks that could affect their strategic and operational goals. This encompasses all types of material risk, operational risk with respect to process, people, and system exposures, financial risk with respect to market and credit exposures, and regulatory risk, as well as advisory to organisations with formal regulatory oversight and compliance requirements.
For the Singapore market, risk management engagements need to consider the industry, regulatory environment, and stakeholder expectations applicable to each organisation. Risks differ across sectors and business models, and the nature of interconnected and emerging risks calls for systematic, commercially-based, proportionate risk assessment and management. An effective enterprise risk management framework in Singapore is not just about documentation; it’s about fostering a culture of risk awareness, accountability, and decision-making across the enterprise.
Risk Management Services We Provide
- Design and implementation of enterprise risk management framework: Our enterprise risk management solutions include enterprise risk management framework design, which involves identifying, assessing, and prioritising material risks across all aspects of the enterprise to ensure that a structured view of the enterprise risk landscape is present to enable the enterprise to lead and collaborate with decision makers on the management of risk.
- Operational Risk Assessment and Management: Assessment of operational risks from people, processes, systems and external events to develop practical controls and operational risk mitigation strategies appropriate to the operational risk profile and business model of the organisation.
- Financial Risk Management Advisory: Financial risk management consultants are available to assist with the assessment and management of market risk, credit risk, liquidity risk and financial exposures of all types, delivering structured risk measurement frameworks, risk appetite guidance and practical solutions for managing exposures on the balance sheet and through financial activities.
- Regulatory Risk Advisory and Compliance Integration: Our regulatory risk advisory services can help organisations reduce the impact of regulatory and compliance risks by adopting an integrated approach to regulatory risk and ensuring they maintain an up-to-date, accurate understanding of their obligations and risk profile.
- Business Risk Assessment Services: We perform structured business risk assessments across strategic, operational, financial, compliance, and emerging risks, and deliver independent assessments to organisations, providing a thorough evaluation of material risks and the effectiveness of existing risk controls and mitigation strategies.
- Compliance and Risk Management Solutions: We are trusted risk management advisors and offer integrated compliance and risk management solutions to ensure a coherent, operationally effective approach to managing regulatory and non-regulatory risks across the enterprise, consistent with the organisation's risk management framework and compliance requirements.
Why Clients Choose Our Risk Management Services in Singapore
Specialist Risk and Governance Expertise:
Our deep technical expertise of risk management frameworks, assessment methodologies and governance practices, coupled with our practical experience in supporting organisations across a wide spectrum of industries in Singapore, the regulatory landscape and business models.
Independent and Objective Approach:
Our risk management consulting services in Singapore are conducted on an independent basis, giving the board, senior management and the regulators confidence in the integrity and quality of the organisation’s risk management arrangements through objective risk assessments and well-supported recommendations.
Detailed Knowledge of Regulatory Requirements and Stakeholder Expectations:
We have comprehensive, up-to-date knowledge of regulatory requirements and expectations across all major sectors and licence types in Singapore, ensuring that each risk engagement is fully aligned with current regulatory requirements throughout.
Consistency of Senior Involvement:
Our experienced professionals manage each risk management engagement from framework design to implementation and continuous review, ensuring quality, depth and accountability for the enterprise risk management solutions and advisory services we deliver.
When You Need Risk Management Services
Organisations are using our risk management consulting and advisory services and support in Singapore in a variety of circumstances, such as:
- Develop or revise the enterprise risk management framework to provide leadership and the board with a structured, integrated, and up-to-date perspective on material risk exposures across all risk categories for the organisation.
- Addressing a regulatory review, internal audit finding, or compliance deficiency that has revealed gaps in the risk framework and necessitates an independent risk assessment and structured remediation of risk governance and controls.
- A major transition in a business, such as an acquisition, market expansion, new product introduction, or technology adoption, that involves new and/or materially different risks and necessitates structured risk assessment and management.
- Carrying out an independent business risk assessment before a regulatory inspection/board review or investor due diligence process, which necessitates a credible and well-documented business picture of the risk landscape and effectiveness of the risk management process.
- Improving risk governance and risk appetite systems to satisfactorily address the expectations of regulators, investors and other stakeholders for quality and maturity of the organisation's ERM arrangements.
- Integrating operational risk management processes within an expanding organisation that has outgrown an informal approach to managing risk and needs a proportionate, scalable and structured risk framework to enable the organisation to continue to grow.
Our Approach to Risk Management Consulting
Engagement Scoping and Context Review
We start by defining a clear vision for the organisation’s strategic goals, the regulatory landscape, current risk management processes, and the desired outcome of the risk management consulting project. This involves checking the business model, governance, and the applicable regulatory framework, as well as past risk assessments and management reporting, if relevant to the work.
At this point, we engage closely with the client’s leadership, risk, and compliance teams to ensure alignment on scope, deliverables and priority risk areas. The engagement can range from a review of the entire enterprise risk management framework through to a targeted operational risk assessment, financial risk management advisory or an integrated compliance and risk management solutions design – whichever way it goes, early alignment will ensure that the process is focused, efficiently managed and directly responsive to the organisation’s most critical risk management needs.
A carefully planned scoping process enables us to focus risk management consulting services on the most relevant risk areas and gaps within the organisation’s framework, avoiding unnecessary complexity and costs. This is a good starting point for the risk identification, evaluation and framework process that will continue throughout the engagement.
Risk Identification and Universe Development
organisation in all material risk categories – strategic, operational, financial, regulatory and compliance, technology and emerging risk. This is done by analysing the organisation’s business model, strategic goals, regulatory requirements, and previous risk documentation to create a comprehensive, well-documented risk universe that encompasses all material exposures.
To gain a variety of perspectives on the risk landscape and ensure no material risk category is overlooked, we interact with key stakeholders across the organisation, including board members and senior and operational managers. This is an important element in any legitimate risk identification effort and helps to ensure that the risk framework is accepted and owned throughout the organisation.
The resulting risks are recorded in a structured risk register, which will serve as the reference point for future assessment, prioritisation and mitigation efforts. This risk universe provides the organisation with a single, complete view of the risk landscape. It serves as the basis for subsequent risk monitoring and reporting within the enterprise risk management framework.
Risk Assessment and Prioritisation
Each identified risk is evaluated based on its likelihood and impact, and on the residual risk remaining after the organisation has implemented the necessary controls. This is done in a structured and consistent way across all risk categories, so that risk priorities reflect their true importance to the organisation’s objectives, stakeholders, and regulatory status.
The risk assessment process involves identifying the inherent and residual risks. In the risk assessment process, one identifies the position before controls are implemented and the position after controls are implemented. This is important for understanding where organisations’ risk mitigation is most required and where further investment in risk controls or risk treatment is most desirable, based on the current risk profile.
The risk assessment results are reported in easy-to-follow, readily accessible formats, such as risk heat maps and prioritised risk registers, providing leadership with a manageable, decision-ready picture of the organisation’s risk profile. This structured output helps support the enterprise risk management framework in Singapore in developing risk appetite statements, risk mitigation plans, and governance reporting.
Risk Framework and Governance Design
We develop or reinforce the organisation’s risk management framework based on our risk assessment, comprising its risk appetite statement, its risk policies, escalation and reporting procedures, and governance arrangements to support effective board and management oversight of material risks. All framework elements are proportionate in size, complexity, regulatory environment, and strategy to the organisation’s size, complexity, and scope.
The risk governance design defines the roles and responsibilities of business units, risk and compliance functions, and internal audit regarding the identification, management, and oversight of risk throughout the organisation. This accountability is essential to achieving an effective risk culture and to securing consistent and reliable risk management across the Business.
We engage with the client organisation’s leadership and governance as a partner during the framework design process, ensuring it is consistent with the organisation’s strategic goals, current governance arrangements, and the expectations of regulators and stakeholders. The process creates a risk framework which is practically grounded, clearly owned and effectively developed and maintained in the longer term.
Risk Mitigation and Treatment Planning
We provide practical (and proportionate) risk reduction and risk treatment options for each prioritised risk, addressing the identified risks and gaps in risk control. The full spectrum of risk treatment strategies is considered – risk avoidance, risk reduction, risk transfer, and risk acceptance – and the effectiveness, cost, and risk appetite and risk objectives of each option are evaluated.
We create a structured risk treatment plan that outlines who should own each mitigation action, establishes a timeline for implementing the actions, and defines metrics or indicators to monitor and measure the effectiveness of the controls once the actions are taken. This action-driven approach ensures that risk assessment translates into measurable, tangible improvements in the organisation’s risk management capability.
The risk treatment plan is embedded within the organisation’s enterprise risk management framework, with ongoing monitoring, escalation if necessary and review in line with changes in the risk landscape and operating environment. This integration enables a dynamic, continuously evolving professional risk mitigation advisory approach throughout the organisation.
Ongoing Risk Monitoring and Advisory
After the framework design and implementation, we help the organisation set up and run a structured risk monitoring programme to assess the effectiveness of the risk controls in place and changes in the risk profile over time. This involves creating material risk reporting templates, identifying key risk indicators, and building the monitoring calendar and escalation pathway needed to ensure that the board and management are aware of material risks as they develop.
As trusted risk management advisors, we offer continuous advisory services on new or emerging risks, regulatory risk advisory updates, framework reviews, and advice on any new or revised risks arising from business developments, market conditions, or changes in the regulatory landscape that impact the organisation’s risk profile. This proactive monitoring keeps the risk framework up to date with the changing operating environment.
Where organisations need a constant risk management consulting program, we can offer outsourced risk management consulting or serve as a specialist advisory partner to their internal risk management team, providing an expert, structured year-round program across all facets of the organisation’s risk management obligations.
How We Approach Each Engagement
step 01
Engagement Scoping
We start by having a clear picture of the objective of the valuation, who will be dependent on the output, and the general environment in which the engagement will be. This involves establishing the standard of value to apply, the type of interest to be assessed and any special considerations that can impact the scope of work.
At this point, we collaborate closely with the client to agree on deliverables, timelines and the level of analysis that is needed. Regardless of whether the valuation is to be used in internal decision-making, transaction support, or a more formal reporting purpose, it is important to have early alignment to make the engagement efficient and purposeful.
Properly planned scoping phase enables us to tailor the engagement to the right level without introducing any unnecessary complexity, and ensures that all the factors are considered. This gives the analysis that follows a strong basis and helps to follow the same approach in a very clear and consistent manner.
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step 02
Business and Industry Analysis
We undertake an in-depth analysis of the business before using any valuation methodology to know how the business works and how it creates value. This involves an examination of the business model, source of revenue, cost base, customer base, positioning against the competitors and the experience and depth of the management team.
We also look at the strategic direction of the business, growth plans and opportunities, and operational constraints that can influence its future performance. This qualitative analysis is fundamental to the creation of a realistic and informed perspective of the business prior to the thorough financial analysis.
Simultaneously, we conduct industry and market research, including the analysis of the overall economic environment, trends in the sector, and similar transactions. It is this external view that assists in pegging the business valuation in the prevailing market conditions, and that conclusions are backed by reference points that can be observed.
step 03
Financial Analysis and Normalisation
We will conduct an in-depth analysis of the financial data of the company, such as past financial statements, management accounts, and future forecasts or business strategies. This would help us to evaluate the performance in the past, determine the trend underlying the performance, and determine the plausibility of the future.
Another important aspect of this step is the earnings normalisation, which entails the process of correcting non-recurring items, owner-specific expenses and any irregularities in accounting policy or presentation. Such changes are made to make sure that the financial performance is based on the underlying economics of the business on a consistent basis.
We also determine the quality and reliability of the financial information, question assumptions where necessary and make sure that all the adjustments are well justified and backed by clear explanations and evidence. Such rigorous methodology gives the conclusions on valuation that follow a solid financial basis.
step 04
Methodology: Choosing and Implementing
The valuation methodology selected is determined by the nature of the business, the use of the valuation, and the availability of market information. Various types of engagements and business nature might prefer different approaches and our valuation specialists in Australia are cautious in selecting the best approach in each scenario.
Some of the common methods are discounted cash flow analysis, earnings-based methodologies, and market benchmarking based on similar listed companies or transactions. Both methods provide an alternative understanding of value and their relative applicability is evaluated in the context of the engagement.
Practically, we tend to use several methodologies and compare the findings to come up with a well-grounded and balanced range of values. The reasons behind the methods chosen and the importance assigned to each are well explained to facilitate transparency and consistency in the conclusions.
step 05
Sensitivity Analysis and Concluded Value Range
The valuation conclusions are typically given as a range instead of a point estimate, indicating the uncertainty of forward-looking inputs and market assumptions. Such a method gives a more realistic value representation in various circumstances and enables more informed decision-making.
We take key assumptions such as revenue growth, profitability, and discount rates through structured sensitivity analysis to learn how the variation of these inputs can impact the valuation result. This aids in determining the most important value drivers and those assumptions that the conclusion is most sensitive to.
We allow clients and their advisers to know the variability of possible outcomes by providing a range with a comprehensive analysis. It is especially useful in the context of transactions and negotiations where knowledge of value limits can be used to make improved commercial decisions.
step 06
Reporting and Advisory Support
The end product is packaged to meet the target audience and purpose, be it internal stakeholders, external stakeholders or formal reporting needs. The report is designed in a manner that logically and accessibly presents the methodology, key assumptions, financial analysis, and the concluded value range.
We make sure that key value drivers, risks and sensitivities are shared in a manner that stakeholders can see not just the result but also the rationale. In Australia, our business valuation advisory is informed by the transparency, clarity, and practical relevance in all reporting.
In addition to the written report, we also offer continuous advisory services such as presentations to boards or management, answering of counterparty queries and help with further analysis as the transaction or decision-making process evolves. This continuity makes sure that clients are supported to the end.
Key Considerations in Risk Management
- Risk Appetite Definition and Board Alignment: The definition and alignment of the organisation's risk appetite is the first step toward a coherent enterprise risk management framework and should provide a clear, governance-approved framework for decisions on risk-taking across the business.
- Completeness and Currency of Risk Identification: A sound risk management programme needs a comprehensive, regularly updated view of the risk universe, as well as an understanding of emerging, interconnected, and non-traditional risks that may not be reflected in historical loss data or traditional risk management methods.
- Control Effectiveness and Residual Risk Assessment: Evaluating the effectiveness of existing controls (not assuming they are effective) and assessing residual risk are equally important to identifying the underlying risks and are vital to understanding the true level of exposure and the areas that need further investment in risk mitigation.
- Risk Governance and Clear Accountability: Gaps in enterprise risk management solutions are manifested by unclear roles and responsibilities across all three lines of defence, poorly established governance structures, and gaps in board-level risk escalation and review processes, where material risks are not escalated, reviewed, and managed with appropriate accountability.
- Integration of Operational and Strategic Risk: It is important to integrate operational and strategic risks into a coherent system that encompasses all material exposures.
- Regulatory Risk and Compliance Alignment: Regulatory Risk should be treated as a material risk in the enterprise risk management framework, included in the risk register, evaluated for its effectiveness in managing the risk, and monitored and governed in accordance with the risk.
Risk Management Requirements
Engaging risk management consulting services effectively requires organisations to provide relevant information and to commit actively to the risk framework design and implementation process. The key requirements for a productive risk management consulting engagement include:
Strategic Context and Organisational Information:
The organisation must provide clear information on its strategic objectives, business model, regulatory context, and governance structure, as this context is foundational to developing a risk framework genuinely aligned with the organisation’s priorities and risk environment.
Access to Existing Risk Documentation:
- All existing risk registers, risk policies, prior risk assessments, internal audit reports, and governance documentation must be made available to enable a thorough, well-informed baseline assessment of the organisation’s current risk management arrangements.
Stakeholder Participation in Risk Identification:
Key business unit leaders, senior management, and board representatives must be available to participate in the risk identification and assessment process, as structured stakeholder engagement is essential to building a comprehensive and credible risk universe for the organisation.
Management and Board Commitment:
- Effective enterprise risk management solutions require the active commitment of the organisation’s senior management and board, including participation in risk appetite discussions, timely review and approval of framework outputs, and visible sponsorship of the risk management programme across the organisation.
Operational Information and Process Documentation:
Relevant operational process documentation, technology system descriptions, and information about key business activities and external dependencies must be provided to support a well-evidenced assessment of operational risks across the scope of the engagement.
Commitment to Implementation and Ongoing Monitoring:
- The organisation must be prepared to implement the recommended risk framework enhancements and to establish the ongoing risk monitoring and reporting processes required to sustain an effective enterprise risk management programme following the completion of the advisory engagement.
Industries We Serve Across Singapore
We can assist a wide variety of organisations in Singapore’s financial services, corporate and public sectors, such as:
- Financial Services and Capital Markets: Banks, fund managers, capital markets licensees and financial services businesses that need enterprise risk management solutions, financial risk management advisory and compliance and risk management solutions in a complex and well-regulated risk environment.
- Payment Services & Fintech Operators: Standard and Major Payment Institution licensees, fintech companies requiring operational risk management services and regulatory risk advisory services on technology risk, financial crime risk and on the full spectrum of payment services compliance and operational exposures.
- Fund Managers, Investment Companies and Alternative Asset Managers: For enterprise risk management solutions and financial risk management consultants advisory services to support investment risk, counterparty risk, operational risk and regulatory risk of funds and fund management activities.
- Innovation, Digital, and Technology Businesses: Technology companies, digital platforms, and businesses driven by innovations that need to have structured operational risk management services, including cyber security risk management, third-party risk management, technology resilience and risk of digital business models.
- Professional Services and Corporate Groups: Professional services, holding companies and diversified corporate groups needing business risk assessment services and corporate risk management company advisory on strategic, operational, financial and reputational risks in complex organisation structures.
- Healthcare, Infrastructure, and Public Sector: Healthcare organisations, infrastructure operators and public sector entities that need structured risk management consulting services and enterprise risk management solutions that are specific to the risk profile, governance expectations and regulatory environment of their sector.
Illustrative Engagement Examples
Situation: The client, a financial services group based in Singapore, had expanded rapidly via organic growth and acquisition and had not yet established a single risk management framework for the entire group that would enable the leadership team to gain a single perspective on material risks across the group. Existing risk arrangements lacked a common framework and governance structure, and the board lacked structured enterprise risk management solutions to meet regulatory expectations and enable informed oversight of risk in the group.
Action: We undertook an extensive exercise to identify and assess risks across the group, with senior leadership and business unit heads, to establish a common risk universe and a residual risk assessment. Enterprise risk management solutions were developed to address all aspects of risk appetite, governance, reporting, and risk ownership arrangements at a group level, documented in board-ready policies. A structured risk register was in place that aligned with relevant regulatory expectations.
Outcome: A complete and ready-to-use enterprise risk management framework, with operational risk management documentation and a unified picture of the material risks of the group and the effectiveness of their risk management, provided to the board. The relevant oversight organisation accepted the framework. It implemented the governance structures and reporting processes required by the leadership team to ensure consistent risk management for the expanded group moving forward.
Situation: The technology company in Singapore was planning a major expansion of its operations that would have a material impact on the size and complexity of the services it provides, creating new operational, technology, and third-party dependency risks. Before bringing the new operations online, the organisation had to engage an outsourced operational risk management (ORM) provider to understand the risks posed by the expansion, test its existing operational risk controls, and create a structured plan to manage them.
Action: We conducted a structured operating risk assessment for the extended operating model, identifying the most significant risks across people, processes, systems, and third-party dependencies. Risk appetite was considered when assessing each risk, and the effectiveness of existing controls was evaluated to identify residual exposures. A prioritised business risk assessment service report was created, including owners and timelines for when each recommended control enhancement would be implemented before the business expanded.
Outcome: Provided an independent and clear evaluation of the operational risks of the expansion, which has allowed the leadership team to act with informed confidence and a plan in place to manage the identified risks. The risk mitigation plan also provided the organisation with a practical guide to enhancing operational risk controls in preparation for growth in their service offering, to uphold the integrity of their governance, and to ensure stakeholders’ confidence in the expanded offering.
What Clients Receive
Each risk management engagement produces specific outputs based on the organisation’s structure, the nature of the risk management, and the nature of the advisory work. Typical services we provide in the realm of risk management consulting in Singapore include:
- A thorough risk register with all identified risks from the different materials, their inherent and residual risk scores, existing assessments of controls, ownership of risks and control actions, and who is responsible for mitigating the risks.
- An enterprise risk management framework document that included the risk appetite statement, risk policies, governance arrangements, escalation procedures, and reporting templates appropriate to the organisation's size, regulatory environment, and strategic goals.
- A risk assessment report with a view to the results of the risk identification and risk assessment process, containing risk heat maps, priority risk profiles and a consolidated overview of the residual risk exposure of the organisation on all material categories.
- A risk governance design document articulating the roles and responsibilities for risk oversight and risk management throughout the organisation, including arrangements at board level and management committee level, and the three lines of defence model.
- A risk treatment and mitigation plan that includes recommended enhancements to risk treatment controls, the owner(s) of each control, implementation timelines, and defined success measures for each recommended risk mitigation action.
- Risk monitoring and reporting templates that will provide the organisation with practical tools to keep working with risks throughout the reporting cycle, including key risk indicator management, escalation and risk reporting to the board.
- Support documentation for regulatory risk advisory that details regulatory risk obligations that need to be addressed, integration into the compliance framework, and monitoring and escalation processes needed to manage regulatory risk effectively.
- As the organisation's risk profile and business environment change, ongoing trusted risk management advisors can assist with annual framework reviews, emerging risk assessments, regulatory advisory updates, and additional risk management consulting services.
Frequently Asked Questions
Q1. What is enterprise risk management, and why does it matter?
Enterprise risk management (ERM) is a holistic, integrated approach to managing and addressing all significant risks faced by an organisation in a structured, consistent way. It is important because organisations with effective risk management capabilities will be better placed to protect value, make well-informed strategic decisions, comply with regulatory requirements, and maintain investor, customer, and stakeholder confidence. An effective enterprise risk management system also equips leaders with the knowledge, governance mechanisms, and accountability requirements to address uncertainty, anticipate new risks, and engage with them.
Q2. What are the main categories of risk that organisations in Singapore typically face?
The types of risks that organisations in Singapore are likely to experience vary widely, and include strategic risks (business model and competitive risk), operational risks (people, processes, systems and external events), financial risks (market, credit and liquidity risks), regulatory/compliance risks (legal and oversight obligations) and technology/cybersecurity risks (dependency on technology and cybersecurity threats). Our enterprise risk management solutions cover all material risk categories, in a single, coherent and organisation specific framework.
Q3. What is the difference between enterprise risk management and operational risk management?
Enterprise risk management (ERM) is a holistic, integrated approach to managing all of an organisation’s material risks and provides a clear, complete, and strategic view of the organisation’s risk profile. Operational risk management is specifically concerned with risks associated with people, processes, systems, and external events in the Organisation’s operational life. They are both covered in our enterprise risk management solutions, with operational risk management services being an integral part of our enterprise risk framework.
Q4. What is a risk appetite statement and how is it used?
A risk appetite statement is a document that outlines the level of risk a board is willing to accept to achieve its strategic goals. It sets out a governance-led process for taking risks throughout the organisation, clarifies the boundaries within which management and operating staff can operate, and offers transparency to regulators and investors on how the organisation manages risks. Every good enterprise risk management program includes a well-drafted risk appetite statement.
Q5. What is regulatory risk and how is it managed?
Regulatory risk is the risk of negative impacts on the business arising from non-compliance with relevant laws, regulations, and/or the requirements of a regulatory licence. Managed through a formal regulatory risk advisory programme, which catalogues all material regulatory obligations, reviews the effectiveness of control in addressing regulatory obligations, incorporates regulatory risk into enterprise risk management arrangements and ensures that material changes in the regulatory environment are represented in regulatory compliance and risk management arrangements promptly.
Q6. How does financial risk management differ from enterprise risk management?
Financial risk management specifically targets risks from financial market exposures, such as market risk (interest rates, foreign exchange, and asset pricing), credit risk (default of financial market counterparties), and liquidity risk (mismatch in cash flow and funding). Financial risk is one of the many material risk types in enterprise risk management, offering a more comprehensive and integrated perspective on all risks the organisation may face. Our financial risk management consultants will take into account the financial risk dimension and incorporate it specifically into the enterprise risk dimension.
Q7. How often should an enterprise risk framework be reviewed?
An enterprise risk management framework should be reviewed at least once a year, and more often if there have been any substantial changes in the organisation’s strategy, business model, regulatory environment or risk profile. Ongoing risk monitoring activities involve more frequent monitoring and updating of risk registers and key risk indicators. We have a tried-and-true risk management team that can help during an annual framework review, as a retainer, or through periodic advisory.
Q8. Can risk management consulting be tailored for smaller or growing organisations?
Yes. Risk management frameworks don’t have to be complicated or resource-heavy to be effective; our risk management consulting services in Singapore are custom-tailored to the size, complexity and regulatory environment of your organisation. We can create a streamlined, practical framework that addresses the most significant risks for businesses of any size and is achievable and maintainable within the organisation’s existing governance and operational capabilities.
Q9. What are the three lines of defence model in risk management?
Three lines of defence is a risk governance model that assigns clear responsibilities for risk management and oversight across business units, risk and compliance functions and internal audit. The first line is those business units that own and manage risks in the way they do their businesses; the second line is the risk and compliance functions that offer oversight frameworks and independent challenge; and the third line is the internal audit that offers independent assurance on the effectiveness of the overall risk management and control framework. Our enterprise risk management solutions are grounded in the three lines model as a guiding principle for structuring the governance of our businesses.
Q10. How do I engage your risk management consulting services in Singapore?
Call our trusted risk management advisors to schedule an initial meeting, during which they will review your organisation’s risk management goals, share your existing risk framework, highlight the challenges you are currently facing, and articulate the appropriate scope for risk management consulting services. We will give you a clear, practical proposal for the advisory and implementation support needed – you will have a solid starting point to enhance your risk management capability in Singapore.
Discuss Your Risk Management Requirement
Our business risk management consultancy team can support you to create new enterprise risk management frameworks, enhance your risk governance processes, complete an independent business risk assessment, guide you through a specific operational or regulatory risk management challenge, or even provide ongoing trusted business risk management advisor support to your organisation with respect to your business risk management requirements in Singapore. Speak to us about your individual needs and get straightforward, practical advice on establishing and maintaining a solid, well-balanced and efficient risk management programme in Singapore.
