Risk advisory is a service provided by professional service networks to help businesses understand the risks they face and minimize them. It involves identifying and assessing risks, and developing strategies to manage them. Risk advisory services can include cyber, sustainability, strategy, regulation, compliance, and controls. The goal of risk advisory is to help businesses become more resilient through crises and complex times, and to create a positive impact for people and society.
Risk advisory services are provided by large auditing companies such as EY, KPMG, Deloitte, and PWC. A risk advisory internship allows individuals to participate in risk advisory services, which constitute a large portion of the services provided by these companies. Business risk management is handled by a highly-trained risk advisory group, which is responsible for completing comprehensive risk assessments that determine whether a specific action is worthwhile.
One of the most important risk advisory best practices is striking a balance between protecting the organization while also facilitating continuous growth. This requires implementing international methodologies and governance, like Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal controls and enterprise risk management. Business risk advisory professionals present different approaches that can be used to assess the risk and reward tradeoff of a potential opportunity.
Overall, risk advisory is an important service that helps businesses understand and manage the risks they face, and develop strategies to minimize them.
