Development of Risk Framework
The purpose of the risk management framework is to assist an organisation integrate risk management into its day to day processes and make it a routine activity. We identify and evaluate the risks through a consultative process agreed with the client. We help catalogue all the risky events in the entire organisation, identify their causes and consequences then do a risk rating. The next stage is to identify mitigation measures and assign the risks to risk owners. First Idea Consulting helps an organisation track potential risks using an online tool, that can be relied on for several years to monitor risk. The tool is used to prepare a status report for the organisation’s board. The tool subsequently assists with the process of monitoring the risks and communication to the relevant stakeholders. From this process, the ultimate end result is to provide departmental risk register and an overall corporate risk catalogue for the client’s organisation. These tools are critical for the organisation to keep abreast with all risk aspects of the organisation.
Development of Risk Policies
We develop tailor made risk management policies for organisations. The risk management policy will address various aspects including why the risk management process should be undertaken; identify who within the organisation is to undertake it and how it will be done in reference to the framework while factoring in internal functions. The risk policy will outline the purpose, objectives, scope, related and supporting policies, its degree of confidentiality, the frequency of its review and the date it was last updated.
Risk implementation support services
We provide periodic risk implementation support and evaluation services after we have concluded the two stages above i.e. establishment of the risk management framework and policies. Our organisation will assist the client in tracking, monitoring and reporting findings on risks using the online tool.
Credit Risk Management
We help organizations manage their credit risk portfolio enabling them unlock delinquent debts. We do this by conducting credit risk training and reviewing their risk policies and procedures.
This is a cloud-based risk management system that tracks and monitor risks over the long term. The system generates the following reports: a risk heat map, a linear tracking report, departmental risk registers and the corporate risk register.