Enterprise Risk Management

Enterprise Risk Management (ERM) is the process of comprehensively identifying, assessing, analysing and responding to uncertainties that may affect the achievement of business objectives. These uncertainties can arise from external as well as internal sources. For instance, changes in political regime, regulations, demographics, competition, technological abilities or financial system can heavily impact your company’s long-term success. In addition, failing internal processes and systems or human errors are sources of underperformance or risk exposure. In order to protect continuity of operations, growth and profitability, companies have to effectively and efficiently deal with these uncertainties.

ERM enables executive management to effectively:

Anticipate on future developments;
Capture and seize opportunities;
Minimise the impact and likelihood of unpleasant surprises;
Increase transparency of control over business risks;
Make risk-based strategic and investment decisions.

ERM implementation support

Implement industry best practices in developing a robust and continuous enterprise risk management process and create risk awareness throughout your company. VRiC has extensive experience in implementing and optimising risk management processes and frameworks. For instance, defining tasks, roles and responsibilities for risk management, setting standards, drafting a risk policy and manual, determining risk appetite and tolerances, providing communications and trainings to management and stakeholders, coaching risk managers in their transition from insurance manager or business controller, developing custom-made methodologies and tooling and organizing assurance function.

ERM maturity assessment

Compare your risk management framework against industry best practices to identify improvement opportunities for strengthening your risk management framework and increasing added value. VRiC has developed a structured approach to determine a company’s ambition to ERM based on industry best practices assess the current state of risk management and identify gaps.

Risk assessment support

Apply innovative methodologies and tooling for identifying, assessing, analysing, quantifying and mitigating strategic, business and compliance risks. VRiC provides clients with on demand capabilities, competencies, innovative methodologies and tools as well as best practices in order to achieve their ambition to be in control over significant risks and to seize opportunities. VRiC has extensive experience in facilitating risk and control self-assessment, quantifying and modelling (e.g. Monte Carlo simulation) risks, analysing risks and potential outcomes (e.g. real options analyses) and scenario analysis.

In delivering risk management services, VRiC has instant access to experts in specific risk areas such as business interruption, supply chain, liability, information security and pandemic risks.

VRiC’s best practice methodology comprises of 4 interrelated components aimed at establishing oversight, control and discipline to drive continuous improvement in your company’s risk management capabilities.

Through a better understanding of the risks a business faces, managers can make more informed decisions, minimize pure risks while maximizing the upside of speculative risks, show compliance with risk related regulatory requirements and in time develop a competitive advantage over peers.

Property – Risk Consulting & Engineering

Securing assets, people and operations

Modern firms are challenged to succeed within a wide array of operational and hazardous exposures that threaten their assets people and their ability to achieve their long term goals. VRiC secures business functions by providing flexible and customized solutions in property & casualty risk consulting.

VRiC capabilities

We offer HPR compliant property risk control and risk engineering services. These follow internationally accepted standards and best practices such as ISO 31000, 31010, NFPA, CEA and FM Global.

Flexibility & Customization

VRiC can meet and exceed every expectation for those firms seeking workable solutions in property and casualty risk control. We combine multisector experience and diversified expertise in order to deliver customized services using state of the art approaches and methodology.