We believe risk management is not limited to classic risk typologies such as credit risk, market risk and operational risk. We believe that risk is an integral part of each business decision and should be identified, assessed, and mitigated accordingly. A successful business initiative is a business initiative whereby all entity stakeholders have contributed to the identification and mitigation of risks, from the commercial director, over the back-office collaborator, to the legal or tax advisor.
While considering a merger or acquisition, entering a new business or launching a new product or service, one should look at the risks for its current and future business, brand and reputation. An adequate assessment of such risks, in a holistic way, prevents unpleasant surprises, unforeseen financial consequences and failing initiatives.
At Lighthouse, we have considerable experience in high-level corporate risk management, next to more detailed operational risk management. We can assist you in risk identification workshops, the qualification and quantification of (inherent) risk, the assessment of mitigation controls and their effectiveness, and the definition of the residual risk.
We have contributed to establishing risk appetite statements, the definition of KRIs, and the design of monitoring dashboards. It makes us believe we can provide you valuable support in executing corporate risk assessments or operational risk assessments. For specific market or credit risk assessments or modelling, we might be able to connect you with somebody in our network.
A Wealth Manager requested us to review all its policies and procedures from a risk management perspective. While doing so, we assessed the completeness of the company’s risk assessment, reviewed existing first-line controls and suggested putting in place additional ones. We created second line risk management controls.
A large financial institution asked us to support the risk management department during the maternity leave of some of the employees. Our main goal was to provide input from a risk perspective in the product approval and review processes and actively engage with businesses to find acceptable solutions from a risk perspective.