Risk Managament

Modern organizational dynamics and the high level of competitiveness to which companies are subject, has greatly increased the so-called “business risk”, which are many and varied and therefore are grouped in a wide variety of categorizations (Financial, operational, legal, reputation, etc.).

Responsible organizations and who wish to stay in the market, must use all the mechanisms at their disposal to successfully implement “adequate Integrated Risk Management” to minimize the possibility that some of its components (people, processes, technology and external events ) or all of them, operate improperly because they present vulnerabilities, allowing risks to be materialized, whose frequency and impact prevent the achievement of the objectives; which could generate financial losses or the frustration of earnings expectations.

Baker Tilly Venezuela supports its customers by offering services based on the best national and international practices that allow them to properly manage and mitigate its risks effectively and efficiently, based on their goals and objectives, harmonizing with its risk appetite.

To this end, integrally address the management from three (3) points of view:

-Qualitative management
-Quantitative Management
-Risk culture.

Qualitative management

Matters relating to the business environment involve and the various components of productive activity for the purposes of defining the management model to manage properly and cost-effectively all risks that may be violating the success of the organization are evaluated.

Baker Tilly Venezuela supports this through the following products and services:

-Implementation of a comprehensive Risk Management Model
-Definition of risk management in the organizational structure
-Implementation of the best national and international practices
-Compliance review on the existing regulatory framework on Risk and PCLC/FT (where applicable)
-Development and implementation of policies and procedures manuals
-Implementation of institutional programs to popularize the figure of “delegates” or “representatives of Risk” in Units
-Development and implementation of a comprehensive methodology of assessment and / or Risk Self-Assessment to the various components of production activities (processes, applications, projects, products, services, etc.)
-Definition of Key Risk Indicators (KRIs)

Quantitative Management

Recognizes and identifies the uncertainty on the financial aspects of the organization, which results in not being able to know exactly when and where an incident type event might occur, nor their financial consequences, according to their frequency and impact.

Baker Tilly Venezuela supports this through the following products and services:

-Development of a model for collecting and recording incidents Risk
-Issue of “Documents Risk” by type:
-Quantification and Database on financial/material losses
-Alerts
-Findings
-Losses
-Commitments – Mitigation Plans
-Reports – Risk Assessments
-Definition of Key Risk Indicators
-Definition of Sanctions and Penalties Schemes
-Implementation of the best national and international practices

Risk culture

Senior management must promote a culture which provides both in words and in actions expectations of integrity and ethical behavior expected of all employees in taking risks when conducting business of the Organization. They should also be responsible for the sustained development of the organizational culture of risk, creating awareness for effective and efficient management of them, maintaining a strong adherence to proper operational controls.

Baker Tilly Venezuela supports this through the following products and services:

-Design and delivery of workshops, courses and seminars
-Conducting meetings and briefings (formal and informal)
-Design of circular publication and/or communications
-Design of material related to the prevention of risks
-Measurement of the Organization Risk Culture
-Implementation of the best national and international practices