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Dismantling the silos: Integrating risk assessment activities across stakeholders

Terrence S. Brody (terrence.brody@ankura.com) is Senior Managing Director and Rachel Woloszynski (rachel.woloszynski@ankura.com) is Director of Compliance, Investigations, and Oversight for Ankura in New York City.

Strong risk and compliance programs are predicated on effective risk assessment processes that identify, prioritize, and develop actionable strategies to effectively oversee and manage key risk areas. In more mature organizations, various risk assessment activities often are independently undertaken by different stakeholders, including enterprise risk management (ERM), compliance and ethics, and internal audit. While each of these stakeholders may have slightly different objectives, oftentimes, the methodologies and goals substantially overlap.

This writing explores the risk assessment processes of various corporate stakeholders and advocates for their integration where feasible in order to:

  • Minimize disruption to business operations;

  • Create process efficiencies;

  • Leverage diverse perspectives of leadership, management, and subject matter experts; and

  • Realize a more holistic view of risk across the organization.

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