Amidst an ever-changing environment with growing uncertainties, it is critical for organizations to view risk as a strategic driver to create resilient and market-leading businesses, while safeguarding reputation,” said Sam Balaji, Deloitte Global Financial Advisory & Risk Advisory Business Leader. “We are honored to be recognized for Deloitte’s steadfast commitment to helping clients cultivate a closer alignment between risk and value creation.”
The report lays out the opportunities and challenges for Strategic Risk consulting providers focusing on market trends, client spending trends and forecasts, and the provider landscape, and includes selected companies.
According to ALM, strategic risk consulting is defined as services that “identify and manage risks that could prevent the fulfillment of a company’s value proposition.”
“The pace of change and digital disruption is happening more quickly than ever, and traditional approaches to risk management are no longer sufficient. Organizations must adapt to this continuously-changing and increasing set of uncertainties as they strive to create value and enhance their reputation,” added Sandra Heuts, Deloitte Global Strategic & Reputation Risk Leader. “Deloitte takes advantage of digital innovations such as risk sensing to help clients navigate their challenges. Deloitte’s overall goal is to help clients elevate risk management to a strategic conversation in order to have a more proactive understanding of opportunities and risks, build resiliency and confidence, and improve performance.”
- “Deloitte is advancing its perspective away from viewing risk in discrete, named categories to one that views them as a hyper-connected and inter-related web of risk exposures where the traditional ERM approach and its three lines of defense model is largely inadequate. Instead, it advocates an approach focused on providing boards with real time, on demand internal and external risk insights that allows them to provide proper oversight as well as make risk-informed strategic decisions.”
- “Deloitte combines its expertise in strategy, industry, risk and regulation with advanced analytic capabilities to provide insights that enable the board to explore alternative strategic pathways involving a large number of interdependent macroeconomic and market variables.”
- “Deloitte offers numerous proprietary diagnostic and management support tools through a wide variety of delivery models to meet client specific needs.”
- “It is adept at collaboratively working with a broad ecosystem of its own, client and third-party solution vendors to aggregate dispersed and disparate data to deliver a unified view of client risk exposures through tailored dashboards that bring relevant insights to specific users.”
- “Deloitte seeks to draw out the strategic value of risk management by using it to make decisions that improve customer loyalty, operational resilience, and capital and portfolio planning. It seeks to use risk management to improve leadership confidence in making decisions in a complex and hyper-connected environment by enhancing the awareness and understanding of the explicit strategic, financial and operational impact of risk in the evaluation of new or emerging opportunities or threats.”
- “Deloitte’s Risk Advisory practice offers a comprehensive and interrelated suite of services organized around strategy & reputation, operations, financial, regulation and cyber risks that are aimed at creating risk intelligent organizations.”
- “Deloitte seeks to elevate and embed risk management into the strategic planning process in two ways. The first is by translating the work of functional risk managers into the strategic and financial language that resonates with the board and senior management. The second is to stay ahead of emerging threats through vigilant monitoring. The [organization] accomplishes both largely by leveraging the client’s existing structures and utilizing digital technologies to connect internal and external data sources and present them in a visually impactful way to the board. Depending on client maturity level, it may also involve establishing or strengthening governance frameworks and management systems to drive operational effectiveness, efficiency and sustainability.”
- “Deloitte offers numerous proprietary diagnostic and management support tools through a wide variety of service delivery models to meet client specific needs. The [organization] offers a proprietary 24/7 data monitoring and risk-sensing solutions that track a broad range of internal and external data sources and use advanced analytical, pattern recognition, and visualization technologies to alert clients of emerging issues and threats, adding human insights on how they relate to client strategies. Deloitte also offers clients Blab and LRA by Deloitte, services that measures stakeholder perception and customer experience across products, locations, and touchpoints, and deliver the results to management via live dashboards.”
- "The [organization] also advocates crisis preparedness and business continuity planning to prepare and be able to respond appropriately to crisis events.”
As used in this press release, “Deloitte” refers only to the Deloitte Touche Tohmatsu Limited member firms and affiliates.