Risk Management Services
Risk Management services involves the identification, evaluation and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor and control the profitability or impact of unforeseen events which can be harmful to the organization and maximize the realization of opportunities. Risk Management can be defined as the identification, assessment and control of threats to an organization’s capital and earnings, these threats or risks could cause a variety of sources including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters and so on.
In Finance world, risk management refers to the practice of identifying potential risks in advance thereby analyzing them and taking precautionary steps to reduce or curb the risks for example when an entity makes an investment decision it exposes itself to Financial risks. Risk Management is important in an organization because without it a firm cannot define its objectives without taking risks into consideration and there is possibility that once these risks get to the business they would make the business lose direction.
The main aim of risk management is to identify potential problems before their occurrence and have a reasonable and suitable plan for addressing these problems, risk management considers internal and external risks which could affect the organization negatively.
Our Risk Management service offerings include
- Risk handling
- Collateral management
- Trade risk management
- Loss event data Analysis
- Market and liquidity risks
- Insurance risk assessment
- Contingency Funding Plans
- Risk management planning
- Risk Policies and Procedures
- Asset management advisory
- Management of residual risk
- Economic capital management
- Risk Governance and Oversight
- Risk management in transactions
- Financial instruments accounting
- Project monitoring and management
- Capital adequacy & regulatory services
- Commodity & energy risk management
- Quantitative and qualitative risk analysis
- Credit risk measurement and management
- Risk Identification and Assessment Support
- Product and cargo quality and quantity surveys
- Actuarial services & financial statement support
- Operational risk measurement and management
- Finance and treasury management and transformation
- Quantitative evaluation and management of portfolio risks
- Research, surveys, market studies, feasibility studies and due diligence assessments
Types of business risk
Compliance and Regulatory Risk
Failure to comply with regulations will expose a business to compliance risk.
Security and Fraud Risk
Basically, risks are classified into three types which are Business Risk which are taken by business enterprises in order to maximize shareholders wealth and profits.
Non-business risk are risks which are not under the control of the business and financial risk are risks which involves financial loss to the firm and these risks can be managed by avoiding them i.e. to withdraw from it or not get involved with it, reducing them i.e. to mitigate the risks, sharing them i.e. outsourcing or insuring against the risk and retention i.e. accepting or budgeting for the risk in case it occurs.
Financial risks is the most important of them all and under it we have Market risk which arises as a result of fluctuation in the prices of financial instrument which can be a directional or non-directional risks, credit risk is a type of risk that arises when a person fails to fulfill their obligations towards the other party which can either be sovereign risk or settlement risk, liquidity risk are risk that arises out of an inability to execute transactions and which can either be Asset Liquidity risk or Funding Liquidity Risk, operational risk is a risk which arises as a result of operational failure such as mismanagement or technical failures which can either be Fraud risk or Model risk, legal risk is a type of risks which arises out of legal constraints such as lawsuits.
Risk management principles are
The principles stated above can be applied to most situation or problem and a risk management strategy provides a structured and coherent approach to identifying, assessing and managing risks as it builds in a process for regularly updating and reviewing the assessment based on new development or actions taken. As a risk manager or risk practitioner you need to have the following skills in other for you to succeed in Risk Management;
Problem solving skills.
Business understanding skills.
Negotiation and Diplomacy skills.
Ability to work under pressure.
Risk Management helps in the assessment of risks as it helps to identify hazards, decide who may be harmed, assess these risks and take actions, make a record of the findings and also review the risk assessment. It also helps to evaluate risks which means it allows you to determine the significance of the risks and decide whether to accept a specific risk or take action to prevent or minimize the risk and this can be done by considering the consequence and probability of each risk.
At MOC Accountants we are fully aware of the importance of Risk Management services as it is conducted by qualified Risk Management service provider with a good technical support field with innovative content from our experts and at MOC Accountants we are qualified to do this as we know the basics and the necessary things to be known as a Risk Management service provider. We are to help you become the expert your support center needs with a recognized experience in the type of operation to be examined.
Who Are We?
We assist in developing and implementing tailor-made risk management structures, processes, tools and methodologies for financial and non-financial risks.
We help and advice organizations in complying to government regulation, for instance, Pencom Compliance, ITF compliance, NSITF Compliance, Insurance Compliance, Compliance with Tax Laws and Tax Authorities and so on.
MOC Accountants firm also assist private and public companies be it new or old with foreign equity participation in their capital structure and attaining foreign investment approvals, which such companies are statutorily required to obtain.
We provide solutions and framework in the areas of risk analytics and measurement, risk reporting and risk data management to help companies design, implement and improve their infrastructure related to specific risks as we work with organizations to implement risk appetite and utilize monitoring capabilities and also to establish related risk governance structure needed across the enterprise.
Our group is made up of seasoned professionals with far-reaching experience on Risk Management services in Nigeria and this enables our company to a report that can be fully depended on by our clients or customers which can be either local or international clients or customers in various sectors by do doing we help or assist sour clients or customers to boost their confidence and also strengthen the value of their business. At MOC Accountants we help you achieve the expected result which is important in the achievement of your goals and objectives at minimal cost.
Our team has acquired enormous experience over the years in the area of Risk Management service and this knowledge is of great benefit to the firm in supporting its various consulting services.
Our Risk Management service team as an experienced Risk Management service provider would focus on designing, implementing and improving specific risk capabilities which includes the following;
MOC Accountants makes use of both qualitative and quantitative measures of financial risks service thereby developing, designing and implementing risk based capital framework regulatory guidance, assessing and testing risk measurement and regulatory economic capital models and model benchmarking, developing stress testing programs including specifying sensitivity analysis, simulations, scenario analysis and approaches.
Why companies needs Risk Management services- is because it helps to recognize and control risks creating the awareness of the board of directors and stakeholders o the risks involved, it makes it easier tosspot troubles or problems in a business, makes it easier to make quality decisions, makes communication easier, makes teams to remain focused. The goal of risk management is to make sure that the company only takes risks that would help it achieve its primary objectives while keeping all other risks under control.
Therefore, MOC Accountants Risk Management consulting services brings you a combination of qualitative, quantitative, regulatory and technology skills as we have professionals who would assist with the efficiency, effectiveness and balanced coverage across their governance, risk and compliance activities.
MOC Accountants Firm helps entrepreneurs and firms to grow and develop their company in Nigeria by Risk Management services to help you assess the necessary steps or requirements properly to ensure that you are in alignment with how to achieve your organizational goals and objectives. Our reliable experts are specialized in dealing with matters relating to Risk Management services in a safe and updated manner as we as well have a Risk Management team in Nigeria to assist you to get to know your business, your people and also your processes as this is conducted through assessing the necessary stuff to be assessed. As our Risk Management consulting expert, we identify risks throughout the enterprise, eliminate unnecessary risks, manage the risks that cannot be eliminated and we take advantage of the profit-generating opportunities that risk can afford.
In a competitive environment where technology is fast developing, the risk identification and assessment is a critical framework component and we take a structured approach to assess risks specific to your organization and it includes collection, identification, categorizing, prioritization and mapping of risks to align with your organization’s business objectives and strategy. However, our risk analysis enables you to understand the impact of risk on your organization as well as your business objectives and goals. We take reasonable approach to understand your risk appetite and develop tolerance thresholds, model risks and their variance, we also provide analysis of the projected impact of mitigation strategies assisting in determining the optimal capital allocation and also considering the upside risk to your business, we also evaluate risks and reports the risks found.
At MOC Accountants, we can help your board of directors, management and stakeholders understand the key risks to your organization as we give you guidance and tools to develop a risk profile, assess your current risk management process against best practices and also design a tailored solution to your organizational needs. The building and maintenance of trust has never been more challenging as we provide trust making it a big responsibility and it is evident in everything we do.
We at MOC Accountants have the skills and expertise needed to undertake and complete a comprehensive Risk Management service, we assess the current and desired risk management capabilities of your organization, we person a wide risk assessment process, we provide data analytics and insight, we develop a risk appetite and key indicator criteria, we define risk governance structures and accountability, we align risks with strategic objectives, we improve efficiency of risk mitigation and control, we develop standardized risk reporting for boards and stakeholders and so on. The reports are also available for critical evaluation from the client and firm required to provide the clients with the answer to the necessary questions at the same time boosting our clients’ confidence in their business.
Finally, MOC Accountants can undertake all your company’s Business Process Improvement services requirement as we have professionals who would undertake this project without any blemish and our records so far has proven us worthy in other for you to contact us without fear. Also note that, if you need assistance in other areas such as accounting, payroll, Pension Compliance issues, tax, public relations, marketing, web domain registration, debt recovery, business plan and setup, we can help too as we are experts at what we do.
At MOC Accountants, we value customer relationship and make sure our customers or clients are properly attended to.
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