Enterprise Risk Management
Enterprise Risk Management
Corey Parker
CIA
Principal
Ashley Deihr
CPA, CIA, CFE
Principal
John Romano
CPA, CIA, CFE, CITP, CSM
Principal
Benjamin Quigley
PMP
Principal
Anthony Casey
CIA
Principal
John A. Rogula
RMP
Managing Director
Benefit from a collaborative approach that delivers a custom solution based on your industry, organizational needs and available resources to manage and mitigate risk.
At a glance
Manage disruption, empower decisions, optimize performance
In an age of increasing risk complexity, organizations face risk in every part of their operations, including the risk of not identifying opportunities. Developing a strategic enterprise risk management (ERM) program to proactively identify, categorize and prioritize the myriad of risks and opportunities across the enterprise – without the support of specialists – takes a substantial investment of time and resources.
Leveraging Baker Tilly’s deep knowledge and experience in implementing ERM solutions across industries, clients count on us to identify, prioritize and mitigate risk and seize opportunities. Clients value our objective, customized and tailored methodologies grounded in leading practices to help them connect seemingly disparate risks and opportunities in strategy, finance, operations, technology and compliance. As a result, our ERM clients are better positioned to reduce the chance of loss, create value for stakeholders, maintain financial stability and drive innovation.
ERM services
Enterprise risk management (ERM) provides a proactive, strategic and holistic methodology to manage both risk and opportunity across the entire organization. At Baker Tilly, we build enterprise risk management programs to enhance risk awareness, inform decision-making and establish a foundation to achieve an organization’s goals and objectives. Baker Tilly can help you design customized end-to-end ERM solutions tailored to meet the unique demands of your organization, industry and regulatory environment.
- ERM governance
- ERM maturity assessment
- Enterprise risk identification
- Enterprise risk assessment
- Enterprise risk response
- Enterprise risk monitoring and reporting
- Enterprise risk quantification
- Risk integration
- Executive ERM training
- Risk appetite/tolerance assessment
ERM governance
Risk governance is crucial to sustain an effective enterprise risk management (ERM) program. Baker Tilly’s risk advisors work closely with you to design the key components of governance (e.g., charters, risk committees, risk accountability and ownership guidelines) that integrate policies and processes to guide your organization in identifying, evaluating, responding to, monitoring and reporting on risks across the enterprise. We help align risk management activities to your strategic priorities, establishing accountability at every level for managing risks effectively to achieve long-term success.
ERM maturity assessment
Baker Tilly’s proprietary tool, RiskDiagnostic™ (an advanced ERM maturity model approach), enables our risk advisors to evaluate the effectiveness of your ERM program, existence of key components and identify potential gaps within the program. We collaborate with you to develop an ERM roadmap tailored towards achieving your desired future state ERM program through stakeholder education, focused insights, facilitated discussions and consensus building. As a result, the actionable roadmap highlights opportunities for enhancing your risk management capabilities.
Enterprise risk identification
Baker Tilly’s risk advisors work closely with you to identify and build leadership consensus to the top risks that may have the greatest potential impact on your organization’s strategic priorities and overall performance. We use our proprietary RiskScan™ tool to conduct comprehensive external scans, using publicly available information to better understand your current risk landscape and deliver valuable insights on key external risks and highlight potential emerging risks. We also employ our proprietary RiskSynergy™ tool to facilitate focused, real-time conversations with cross-functional key stakeholders and collect risk data. Through these discussions, we guide our clients to develop a comprehensive risk register through the consideration of the financial, operational, regulatory, external environment, strategic and technological (FOREST) risk domain categories.
Enterprise risk assessment
Leveraging the output of the risk identification process, Baker Tilly’s risk advisors assist you with assessing (prioritizing) risks through the application of customized rating criteria that evaluates the likelihood, impact and mitigation effectiveness. We use our proprietary RiskSynergy™ tool to facilitate discussion with cross-functional stakeholders to validate that appropriate risks have been identified with proper alignment on risk exposure ratings to reach a consensus-driven enterprise risk profile and needed risk response (enhance, review or watch).
Enterprise risk response
Baker Tilly’s risk advisors collaborate with you to facilitate the development of risk response plans for your organization’s top enterprise risks. This effort is a cornerstone of any ERM program, as it enables the organization to mitigate potential negative impacts on strategic priorities and performance while also unlocking potential upside opportunities. We align risk response to risk root causes that are common across risks, resulting in multiple risks being reduced through a single mitigation strategy.
Enterprise risk monitoring and reporting
Using Baker Tilly’s metric-driven monitoring process, we capture key risk indicators (KRIs) and key performance indicators (KPIs) that can be used to monitor mitigation and process controls through actionable reporting measures that are aggregated and rolled up into a comprehensive reporting view of the risks within the enterprise risk profile.
Enterprise risk quantification
After enterprise risks have been identified and assessed qualitatively, more mature risk management programs can leverage Baker Tilly’s Monte-Carlo model driven analysis tool, RiskQuantification™, to arrive at scenario and variance backed dollar exposure numbers, both for select enterprise risks and the entire risk portfolio. This service helps to inform capital allocation and strategic decision-making targeted to the top risks for your organization, and demonstrates the ROI of risk mitigation.
Risk integration
Baker Tilly’s risk advisors work closely with you to develop an optimal approach to seamlessly incorporate risk management practices into executive and/or strategic planning discussions. We further strengthen this approach by developing integrated risk processes to provide unified reporting to leadership, enabling a consolidated view of risk exposure. We focus on promoting cross-functional risk management efforts across your organization to create a holistic perspective that leads to sustainable and resilient outcomes.
Executive ERM training
Baker Tilly’s executive ERM training provides a tailored approach to training your executives and senior leadership, empowering them with the skills, knowledge and insights to confidently navigate uncertainty and strategically position your organization for success. Our service offers the flexibility to customize the training content to align with your specific industry, organizational structure and risk landscape. Baker Tilly’s risk advisors focus on the strategic aspects of ERM, ensuring your leadership team understands how to integrate risk management with business strategy, turn risk into opportunity, drive value and support informed decision-making at the highest levels.
Risk appetite/tolerance assessment
Baker Tilly’s risk advisors collaborate with you to develop or refine your organization’s risk appetite and tolerance thresholds that align with your organization’s strategic and performance priorities. We will work diligently with you to thoroughly understand your business, priorities, challenges and risk landscape to provide practical advice on how to articulate and implement your risk appetite effectively. Our focus is to help you align risk-taking with opportunities, balancing potential rewards with acceptable risks, enabling your organization to pursue growth confidently.
AI-enabled ERM tools
By integrating a customizable ERM methodology and leveraging AI-enabled tools, we align risks and opportunities with our clients’ strategic objectives. Baker Tilly is committed to delivering superior risk management solutions that foster business resilience and long-term success.
RiskDiagnostic™
Baker Tilly’s proprietary methodology, analyzes our client’s ERM program strengths and identifies opportunities for enhancement to delivered increased strategic value. We utilize a survey and interview-driven process to collect current-state program details and provide insight into the appetite for program enhancements. We benchmark against peers and develop an actionable roadmap with examples and tools to enable a program to take the next steps on their journey.
RiskScan™
Baker Tilly’s proprietary tool, assists with risk identification in the external environment. RiskScan employs artificial intelligence (AI), machine learning (ML) and natural language processing (NLP) for a robust and efficient scan, identifying key external and emerging risk information. Data captured within RiskScan can include risk definitions, drivers, mitigation strategies and effectiveness, impacts and correlations. Our service provides insights into external and emerging risks, aiding in the development of a customized, enterprise-wide risk register.
RiskSynergy™
Baker Tilly’s proprietary tool, assists with real-time collaboration that empowers risk management discussions and initiatives, enabling robust and highly efficient risk data collection. Our innovative tool enhances risk data scope and quality through virtual collaboration sessions with key stakeholders, fostering deeper understanding and better-informed decision-making, streamlining the identification of enterprise risks by offering a comprehensive risk profile, watch list and risk universe. The result is a consensus-driven risk profile of the organization’s top risks. RiskSynergy allows for execution with results in a matter of days versus weeks or months using a traditional interview or survey approach.
RiskQuantification™
Baker Tilly’s proprietary tool, leverages Monte-Carlo modeling to examine the impact of risk and uncertainty in prediction and forecasting risk exposure. With the use of our tool, we can assist clients to identify which mitigation activities will drive the greatest return on investment. We focus on providing key quantitative insights into the risk exposure levels for selected risks and the organization’s portfolio.
Our industries
Financial Services
The financial services industry continues to diversify, but competition and more complex vendor relationships make determining business strategy more complicated.
Government Contractors
Baker Tilly helps government contractors nationwide address complex regulatory compliance, audit and other government oversight burdens.
Not-for-Profit
Drive your mission forward with Baker Tilly's not-for-profit navigators.
Higher Education
Higher education transformation is a journey. Let's embark on it, together.
State & Local Government
Baker Tilly serves the advisory, accounting and assurance needs of states, cities, counties, townships, boroughs, villages and other municipalities across the U.S.
Life Sciences
Protect and enhance your company’s value today for sustained growth tomorrow.
Real Estate
Innovative real estate consulting, tax and assurance solutions for developers, owners, investors and property managers.
Technology
We help technology companies go to market with confidence.
Featured insights
Enhancing ERM: Moving beyond the traditional risk assessment
Join Baker Tilly for the second on-demand webinar in our enterprise risk management (ERM) series where we will explore how to enhance a risk assessment at your organization.
ERM essentials: Building a strong foundation
Watch this on-demand webinar as Baker Tilly specialists delve into the essentials of enterprise risk management (ERM).
Improving risk assessments by leveraging collaboration methods and tools
Implementing the right collaboration methods and tools can improve your organization’s risk assessment process and the quality of the risk data it produces.
Implementing an effective ERM program
The key for organizations to successfully meet challenges and mitigate risks is by implementing an effective enterprise risk management (ERM) program.
Getting risk appetite right in uncertain times
Explore risk appetite within the context of enterprise risk management (ERM) and strategies for managing risk in an uncertain environment.
Aligning ESG risks with existing ERM program key for creating value, attracting talent
A successful environmental, social and governance (ESG) strategy should build on your existing enterprise risk management (ERM) program and align with an organization’s strategic initiatives and priorities.
Enterprise risk management interview with Minnesota State Colleges and Universities: an institutional evolution
Baker Tilly recently interviewed Mike Vekich from Minnesota State Colleges and Universities about enterprise risk management in higher education.
Lessons from compliance and the intersection of enterprise risk management and internal audit
Access key takeaways from the 2021 SCCE Higher Education Compliance conference where Baker Tilly facilitated a panel discussion with industry leaders about a variety of compliance topics.
Case studies
Private equity firm implements sustainable enterprise risk management (ERM) program
Learn how a large private equity firm with several portfolio companies harnessed ERM to enhance governance and risk management.
Large, global organization develops customized enterprise risk management framework
Baker Tilly helps large, global organization evaluate their risk management activities, formally define their risk appetite and develop a customized enterprise risk management framework.
Real estate company strengthens third-party management processes, enhances investor confidence
A real estate investment management company hired Baker Tilly to review and enhance their internal controls and processes for managing third-party agreements.
An increasing emphasis on enterprise risk management drives university to seek external assessment
Baker Tilly conducted a compliance infrastructure assessment that resulted in concrete and practical recommendations for enhancing and monitoring compliance-related activities, filling gaps and providing increased visibility to the board and senior leaders.
Tribal government conducts enterprise wide risk assessment to develop annual internal audit plan
A large tribal government needed assistance in developing a best-in-class internal audit function to improve internal controls, governance and overall operations.
Our professionals
Baker Tilly’s enterprise risk management professionals offer value at the intersection of strategy, risk and compliance.