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Risk management from Alya – helping you identify and manage risks for your projects, operations and everyday business activities.
Whatever your industry, you need to ensure the safe execution and maintenance of your projects, operations and business activities, including trade.
Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.
Risk Assurance covers all risk services where Alya is providing independent assurance and the preparation towards assurance to our clients where the assurance can be used by our clients to build confidence and trust with their customers, the general market/public, key stakeholders or when regulatory (by law or oversight) or contractually required.
Risk management practices let you see where projects need attention, and which projects these are. Dovetailing perfectly with any existing Project Management Office processes you already have in place, good risk management can give you the context for understanding the performance of a project and contribute to any health checks, peer reviews or audits.
Leaders have access to better quality and more helpful data which enables them to make better decisions more grounded in the reality of a project.
Being able to access risk information in real time through a project management dashboard means that decisions are made based on the latest data, not a report that is already out of date.
What should the contingency budget for this project be? Let’s guess at 10%.”
Project risk management means that contingency budgets can be more accurately estimated and rely less on the professional guesstimates of the project team. By incorporating risk management into schedule planning and cost planning you can create scenarios to better inform what you should be budgeting in terms of extra time, resource and money.
Overall this will lead to fewer cost and time overruns and better quality plans.
Knowing that risk is being actively managed sets an expectation for project success. With the framework in place to deliver despite the known risks, and open communication about the project’s challenges with senior managers, everyone begins work knowing that success is the expected outcome.
This changes the whole mindset of the team: knowing they are working on something destined to deliver great results for the company improves morale, supports productivity and hopefully engenders and environment where success is achieved!
With risks being actively tracked and managed, the project team can maintain a focus on the critical outcomes. Risk management supports this because it serves to highlight where project outcomes may not be achieved, focusing the team on what to do about that particular concern to get the project back on track.
To identify financial risk, examine your daily financial operations, particularly cash flow. Operational – These risks are linked to your company’s administrative and operational procedures ranging from your IT systems, to regulations to recruitme
Financial risk ratios assess a company’s capital structure and current risk level in relation to the company’s debt level. These ratios are used by investors when they are considering investing in a company.
Business require measurement and assessment systems to oversee the net-interest spread, the principal driver of operating earnings.To create a favorable environment for achieving return on assets or EPS growth goals, managers need powerful asset/liability management, income simulation and transfer pricing tools to help budget the interest margin.
We will help the businesses to have a bespoke plan for their kind of business and get it implemented through us effectively.
We will not only help you to implement the solutions that we have framed for your business but also evaluate the effect of the solution that we have implemented and how your business is benefiting out of it.