Wolters Kluwer Financial Services announces it is expanding itsconsulting services for U.S. insurance and securities firms to helpthem address the challenges of enterprise risk management(ERM).

Consultants now provide financial organizations with riskassessments, which are focused on identifying and analyzing varioustypes of risks and their potential impact so firms can develop theappropriate controls.

With the increased demand for transparency around risk fromregulators, auditing firms, and rating agencies, financial firmsare feeling the pressure to adopt comprehensive ERM programs. AWolters Kluwer Financial Services survey of nearly 185professionals working at broker-dealers, investment advisors, hedgefunds, and other types of securities firms, showed more than 80percent of the respondents are concerned about managing risk within their organizations. Andthe insurance industry faces similar concerns, with risk management cited as the strongest driver forcompliance-related technology investments, according to a surveyconducted by Strategy Meets Action in conjunction with WoltersKluwer Financial Services.

Wolters Kluwer Financial Services' consultants help guidesecurities and insurance professionals through the risk assessmentprocess. The consulting team, which includes former compliance andrisk management officers, regulators and attorneys, not only helpsfirms understand the implications of regulatory changes andrequirements, but also employ those changes within the organizationso they can successfully integrate compliance, operational andfinancial risk management. A risk assessment review includes:

• Risk Categorization – Consultants assist firmsin categorizing previously identified risks with standard ERMclassifications, such as strategic, operational, compliance andfinancial.
• Risk Ranking and Prioritization – Risks areanalyzed, ranked and prioritized on a scale of likelihood andmagnitude based on a wide variety of external sources, industryregulatory actions and trends.
• Risk Assessment Report – Risks are confirmedto enable the company to develop further ERM action plans. Theconsultants provide specific recommendations for changes inworkflow, organizational and internal reporting structure,training/education efforts, technology, and attestation or externalreporting.

"With their strong industry experience, our consultants cantailor risk assessments to a company's strategic initiatives, whilealso taking into consideration what is currently happening withinthe regulatory environment," says Todd Cooper, vice president andgeneral manager of enterprise risk compliance at Wolters KluwerFinancial Services. "With proper risk analysis and reportingcapabilities, financial firms are better positioned to makeeffective decisions and meet the overall goals of thebusiness."