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HOW PRIVATE INVESTIGATORS CAN HELP WITH OPERATIONAL RISK MANAGEMENT

WHAT IS OPERATIONAL RISK?

Operational risk is the risk of doing business. Every decision that a company makes, from hiring or firing an employee to establishing a new business relationship, or setting up a factory in a new location, creates an opportunity for a threat to materialize from seemingly small events (or operational failures) that can cripple or kill the business if they are not properly managed and addressed in a timely fashion.

WHAT IS OPERATIONAL RISK MANAGEMENT?

Operational risk management (ORM) is a continual cyclic process that includes risk assessment, risk decision making, and implementation of risk controls, that result in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems, human factors, or external events.

WHAT IS A RISK ASSESSMENT?

A risk assessment is a form of a private investigation that consists of conducting a threat, risk, and vulnerability analysis to find potential deficiencies in security systems and protocols within the company. Such review allows business owners and corporate managers to identify occurrences and events that represent immediate and future threats to their operations, which, in turn, allows them to allocate the appropriate resources in order to minimize risks and make the right decisions for their companies.

WHAT ARE THE BENEFITS OF OPERATIONAL RISK MANAGEMENT?

Responding quickly and efficiently to events like fraud, pandemic, natural disaster, riot, theft, misconduct or other violations of laws, regulations or organizational policies is critical for a company in order to avoid liabilities, and continue its operations while maintaining good customer service and a solid reputation.

Not only ORM can assess potential threats and supply the company’s management with risk solutions to consider and implement in case of an unexpected event, but it also provides the following benefits for the organization:

  • Strengths the decision-making process where risks are involved
  • Improves the effectiveness of the risk management operations
  • Allows for early identification of unlawful activities
  • Reduces losses caused by poorly identified risks
  • Improves the reliability of business operations
  • Reduces potential damages from future risks
  • Lowers compliance costs

HOW PRIVATE INVESTIGATORS CAN HELP WITH OPERATIONAL RISK MANAGEMENT

To face various internal and external threats efficiently, organizations need to understand their operational risk profiles, their risk appetites, as well as their risk tolerances, in order to establish reliable action plans that can help them avoid any unpleasant events, or minimize their impact, should such events occur.

Many companies, however, do not have the required in-house expertise to conduct comprehensive reviews and analyses in order to find the information they need to identify the risks to their organizations and make appropriate decisions to address them.

Professional investigators with experience in risk management can conduct security and operational risk assessments without disturbing the work and efficiency of the company’s activities while gathering the required information through inquiries, examinations, use of data analytics, statistics, research, intelligence gathering, interviews, observation, and even surveillance and undercover operations.

Such an approach allows for an impartial third party to provide a detailed report to the business owners and the stakeholders regarding the findings, implications, threats, risks, and appropriate remedial actions, as well as recommendations that will help the organizations deal with various situations that could jeopardize their financial stability, operational capabilities, and reputation.

WHY HIRE MALDEM INVESTIGATIONS?

Maldem Investigations has several years of experience evaluating threats and analyzing risks within different business environments. From small companies to multi-national corporations, our investigators have the knowledge and the expertise to conduct comprehensive reviews and analysis of the situation in order to find the answers, provide accurate information to the decision-makers, and offer cost-effective solutions to mitigate a wide range of problems that a company may be facing.

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