With multi-billion dollar settlements becoming common, companies operating on a global basis continue to face a variety of legal and regulatory risks, and as a result, huge operational challenges to ensure practices satisfy different rules in different markets. This environment requires companies to enhance their traditional risk assessment methods. Risk assessment isn’t a checkbox; in a dynamic environment, understanding and addressing risk is more complex than ever.

Assessing risk management efforts — business, legal, and regulatory — is a complex challenge for most companies. While an effective, integrated risk assessment provides a means to ensure that you really have each of these areas under control, the difficulty is in developing an approach that sufficiently accounts for the range of potential risks a company faces. A comprehensive risk assessment by definition addresses issues broadly, covers both internal and external considerations, and includes strategic and tactical concerns. In order for an assessment of this magnitude and type to be effective, a strong methodology is required.