Business Risk
RISK ASSESSMENTS
Turn Uncertainty into Opportunity
What is Business Risk?
Business risk refers to the exposure your organization has to factors that could lower profits, disrupt operations, or lead to failure. These risks can stem from internal sources, such as poor resource management, or external sources, like shifting economic conditions or new regulations.
Effective risk management isn’t just about defense; it is about giving your leadership team the confidence to innovate and grow, knowing that potential pitfalls have been identified and accounted for.
Why You Need to Address Business Risk
By proactively managing business risk, your organization can boost resilience to recover quickly from disruptions, make well-informed strategic decisions, maintain financial stability by anticipating challenges, and streamline operations by addressing inefficiencies.
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Common Types of Business Risks
We help you identify and manage a wide spectrum of risks that could impact your organization’s objectives. And because a construction firm faces different risks than a healthcare provider or nonprofit, your solutions are tailored to your specific industry, size, and unique risk profile.
- Operational Risk: The risk of loss resulting from inadequate or failed internal processes, people, and systems. Examples include supply chain disruptions, employee errors, or IT failures.
- Financial Risk: Threats related to the financial health of the business, such as cash flow issues, unexpected costs, or market volatility.
- Strategic Risk: The risk that your current business strategy becomes less effective due to changes in the competitive landscape or customer preferences.
- Compliance Risk: The threat of legal penalties, financial forfeiture, or material loss resulting from failure to act in accordance with industry laws and regulations.
Identification
Conduct a thorough assessment of your organization to uncover hidden vulnerabilities across all departments.
Analysis
Evaluate the likelihood and potential impact of each risk to prioritize what needs immediate attention.
Mitigation
Design strategies—such as internal controls, insurance, or process changes—to reduce or eliminate these risks.
Monitoring
Establish key performance indicators (KPIs) and reporting mechanisms to track risks continuously as your business evolves.
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Antonina McAvoy
CISA, CISM, QSA, PCIP
Partner, Risk Advisory Services
Norfolk
Bronach Branan
CPA, ACMA, CLSSGB
Partner, Risk Advisory Services
Newport News
JJ Edmunds
CPA, CIA, CISA, MSA
Partner, Risk Advisory Services
Richmond