“Risk management is an evolving discipline, which has grown in close parallel with the business exercises of the financial services industry,” says Mike Finlay, CEO, RiskBusiness International. Additionally, the company provides insurance structuring and risk transfer, internal and public loss data, taxonomy translation, risk and control registering, and loss data consortium services. The firm caters to banks, insurance, brokerage, regulators, technology, and developmental aid and agricultural companies. “We have small bespoke teams of people who are experts in what they do,” adds Finlay. The RiskBusiness team consists of seasoned industry players who have proven experience in designing, implementing, and maintaining leading risk practices. For example, an organization looking for information security will get a consultant that was previously involved in the intelligence community.
RiskBusiness has developed a range of products and services for its clients that facilitate the management and measurement of operational risk within an enterprise risk environment. The company partners with clients to align stakeholders, review and evaluate existing risk architecture, design customized content specific to their needs, provide risk tools and design, pilot and implement enhanced risk programs. RiskBusiness also provides taxonomies and integrated classification structures, designed to facilitate the successful adoption of risk solutions by business management and to enable the integration of governance, risk, and compliance management.
Risk management today is far to reactive and needs to transition to proactive analysis, interpretation and decision recommendation based on a vast array of available data
RiskBusiness provides structured methods of assessing the risk profile of the organization on an ongoing basis and then to determine what action (if any) is required. “The majority of our solutions are driven by client requirement and by market developments. We regularly host workshops all around the world where clients and business partners participate and discuss trends,” delineates Finlay. “We want to make greater use of intelligent information to ensure that firms make proactive decisions instead of reactive decision,” concludes Finlay.