A top-down approach to risk management involves performing a comprehensive risk assessment across an enterprise. This assessment helps identify financial and operational risks, identifies root causes and affected areas within the enterprise, and develops a mitigation plan involving all enterprise stakeholders. Being proactive is critical to a successful enterprise risk assessment plan.

NuvoLogic has performed risk assessment and mitigation involving multiple stakeholders across an Agency. Our team has also assessed external risks posed by counterparties and economic factors.

Counterparties can pose potential financial, operational, and legal risks to an organization. Every organization, particularly a government agency or a large corporation, works with multiple counterparties each posing varying levels of risk to the organization. There are also relationships between some counterparties, such as parent/child relationships or partnership, that further complicate the process of counterparty risk assessment. Counterparty risk assessment and mitigation plan are key components of a successful risk management plan.

NuvoLogic has extensive experience developing risk ratings, score, and profiles for counterparties. We perform financial analysis of counterparties to estimate their financial viability; develop a comprehensive framework for performing reviews to assess compliance with government and industry regulations; and perform due diligence reviews of counterparties to help assess the likelihood of failure.

Credit risk is another key component of risk management used in the financial industry. Credit risk management allows an industry to develop measures of financial risk and assess those measures using a structured analytical approach. Financial services organizations such as banks, mortgage companies, and insurance carriers can assess their current as well as projected future risk associated with loans, credit cards, insurance policies, and other financial instruments.

NuvoLogic has extensive experience developing quantitative Models to measure cash flows and adhere to reporting requirements such as the Federal Credit Reform Act (FCRA). We perform predictive analytics using large volumes of data on past performance and economic indicators to estimate future risk.

Each organization must perform a thorough assessment of its internal controls that directly or indirectly impact its financial position as well as financial reporting. A comprehensive assessment of financial and audit risk begins with a gap analysis and is followed by a mitigation plan involving developing new and effective internal controls or modifying existing controls. A successfully developed and executed gap analysis and remediation plan can help eliminate future audit findings and clear existing open findings.

NuvoLogic has assisted clients by performing gap analyses, developing internal controls, and developing quantitative analysis and reporting to support the execution of new and revised internal controls. The final stage of this process is to ensure audit readiness by effectively executing the internal controls on a periodic basis. Our team has successfully assisted clients in the execution of their internal controls and in remediation and elimination of audit findings.