Risk Management
At JJFitzgerald our risk assessment process identifies and prioritizes your organization’s risks, and we then provide quality inputs to decision makers for the purpose of formulating effective risk responses including information about the current state of capabilities around managing the priority risks.
Our Risk Management Process is undertaken to ensure that each risk identified within the project environment is documented, escalated and mitigated as appropriate.
Our Approach to Managing Risks
We Must Effectively Manage risks associated with your business goals in mind, which we will identify through the successful execution of your corporate strategy. After evaluating risks for their potential severity and likelihood to adversely affect the organization, we rank them and determine the most appropriate responses among acceptance, controlling, sharing, transferring, diversifying or avoiding.
The risks that can threaten your business continuity are often integrated, and affect each other. Only by understanding the inherent risks within each risk category can we design and implement mitigation activities so we can execute your strategies and meet your business goals within acceptable residual risk tolerances.
Our assessment of risk considers both financial and non-financial items. Six categories of risks have been identified within our global environment: market/business, distribution, operational, financial, compliance and organizational.
JJFitzgerald view damage to your reputation as the most severe risk consequence faced, which could impact the execution of your corporate strategy. We mitigate these risks by acting ethically and with integrity while striving to continually build goodwill through a commitment to sustainability, transparency, effective communication and corporate governance best practices.
Our Risk Management Process
After Identifying an inherent risk, we assess it against your risk ranking matrix as if no mitigation measures had been taken. Through the matrix, we weigh the severity and likelihood of such a potential event, and establish relative risk levels from A through E to guide our mitigation activities.
We can lower risk by reducing the likelihood of the initiating event occurring or by reducing the significance of the consequence if it does occur. Residual risk remains after mitigation and control measures are applied to an identified risk. We endeavor to be fully aware of all potential risks that could adversely affect your organization, and to choose appropriately the levels of residual risk we accept.