Risk management

  • Financial risks
  • Operational risks
  • Human resources risks
  • IS and IT technology risks
  • Reputational risks

Organizational risk assessment, prevention and creation of risk management models.

Risk management is:

  • the process implemented by the organization's management and other employees;
  • the process used in defining strategy and
  • a process that spans the entire organization;
  • a process designed to:
  1.         identify possible events that may affect the organization, and
  2.         manage risks so that they correspond to the level of risk acceptable to the organization (risk appetite), and
  3.         would provide some assurance that the organization's goals will be achieved.


the level/degree to which unknown future events may affect the organization's ability to achieve its objectives.

risku vadība

Auditor's role in risk management (according to the standard):


Assists the organization by identifying and assessing the most significant risk areas and contributes to the improvement of the management and control system;

Monitors and evaluates the effectiveness of the company’s risk management system;

Assesses risk in the company’s operations, corporate management and information systems in relation to:

  1. reliability and honesty of financial and economic activity information;
  2. purposefulness and efficiency of the operation;
  3. asset security;
  4. compliance with laws, regulations and contracts.

Benefits of risk management:

risku vadība
A sense of comfort for managers of organizations;
A clear picture of possible events and their impact on the organization, as well as areas where opportunities are not being used;
Better quality management information and information sharing within the organization;
Clearly defined business principles inside and outside the organization;
Understanding of the organization's employees about the principles of the organization's operation, the most important risks and their role in the risk management process;
The motivation of the organization's employees to focus on common goals.

Got questions or want to know more?

Contact us!