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Enterprise Risk Management and Resiliency Services for Financial Services Companies

March 17, 2022
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Enabling value-driven insights to develop and mature your risk management and resiliency framework.

Cherry Bekaert’s framework and diagnostic toolkit can provide a comprehensive set of Enterprise Risk Management (“ERM”) program attributes that can be used to facilitate assessments of a financial services company’s current ERM program, plot comparisons between an organization’s current and desired target state of maturity accompanied by benchmarking analysis of peer or leading practices across the financial services industry and can be right-sized based on asset size and complexity.

What is Enterprise Risk Management?

Enterprise Risk Management is a structured, consistent, and continuous risk management process applied across an entire organization that allows you to proactively identify, assess, and mitigate risks required to achieve corporate and strategic financial and non financial risk objectives. ERM improves decision-making, increases accountability, provides clarity on key organizational risks, and enables risk-based performance measurement with improved controls efficiency. The aggregation of risks based on a common risk framework, supporting policies, and measurement methodologies can allow leadership to assess the inter-relationships between various risks, make better informed cost-benefit decisions with regard to risk mitigation efforts and think proactively about emerging risks.

Enterprise Risk Management Framework

Business resilience is an ability to anticipate and prepare for change, then adapt to circumstances in the manner that provides the greatest chance of thriving over the long-term. Developing and maturing your operational resilience capabilities within an ERM framework can help you to better prepare, adapt, withstand, and recover from disruptions, as well as align to your organization’s strategy and performance.

Cherry Bekaert will work collaboratively with your organization’s management team to instill and embed a risk-based culture, including enhancement of risk communication and reporting protocols based on a common language for discussing risk, uplifting your risk governance framework, and integrating or embedding risk management activity into your “organizational DNA” through risk awareness training and knowledge transfer.

Risk Management and Resiliency Services

Cherry Bekaert utilizes an integrated and proprietary ERM framework and methodology that can be consistently applied and customized for the financial services industry and includes peer benchmarking, regulatory expectations, and leading practices. Our framework and methodology utilize ready-built industry-specific diagnostic libraries covering core business processes and IT domains to accelerate your risk perspectives and risk management roadmap. Our enterprise risk management and resiliency services include:

Risk Governance

► Model & Non-Model Program Design

Strategy & Risk Appetite Services

► Program Framework Design & Implementation
► Risk Response Implementation

Assessment & Measurement Services

► Maturity/Gap Assessment
► Governance & Culture Design Assessment
► Risk Measurement Analytics
► Risk Identification
► Third-Party Program Maturity Assessment
► Business Continuity Resiliency Program Design & Assessment
► Fraud Program Design, Implementation, & Gap Assessment

Change & Performance Management Services

► Regulatory Change Process Improvement
► Validation & Verification of Design

KRI/KPI Monitoring & Reporting

Management of Innovation and New Products & Services

BCBS 239 Risk Data Aggregation Compliance

Risk Workshops & Training

► Regulatory Exam Readiness Workshops
► Risk Awareness Training Workshops
► Scenario Analysis and Business Resiliency Workshops
► Table-Top Exercise Planning and Assistance

Technology and Data Enablement

Cherry Bekaert has strategic alliances with several Governance, Risk, and Compliance (“GRC”) tool providers and can help financial services companies with the following services:

► Assess strategy / business requirements documentation
► Conduct additional requirements workshops to further enhance the effectiveness of the tool
► Assist in defining selection criteria for vendors and prioritizing requirements to support selection criteria definition
► Assist vendor demos to validate functionality and scoring against selection criteria
► Align requirements and approach to selected vendor implementation approach and draft roadmap for implementation of selected GRC solution

Let Us Be Your Guide Forward

Our Risk Advisory team can assist with a customized framework and diagnostic toolkit providing a comprehensive set of ERM program attributes, peer benchmarking, regulatory expectations, and leading practices across the financial services industry.