Wolters Kluwer Financial Services

Wolters Kluwer Financial Services Expands Enterprise Risk Management Consulting Services to Securities and Insurance Firms

WALTHAM, Mass. – Sept. 22, 2011 – Wolters Kluwer Financial Services announced today that it has expanded its Consulting Services for U.S. securities and insurance firms to help them better address the growing challenges of enterprise risk management (ERM). Consultants now provide financial organizations with risk assessments, which are focused on identifying and analyzing various types of risks and their potential impact so firms can develop the appropriate controls.

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

Wolters Kluwer Financial Services’ consultants help guide securities and insurance professionals through the risk assessment process. The consulting team, which includes former compliance and risk management officers, regulators and attorneys, not only helps firms understand the implications of regulatory changes and requirements, but also employ those changes within the organization so they can successfully integrate compliance, operational and financial risk management. A risk assessment review includes:

• Risk Categorization – Consultants assist firms in categorizing previously identified risks with standard ERM classifications, such as strategic, operational, compliance and financial.
• Risk Ranking and Prioritization – Risks are analyzed, ranked and prioritized on a scale of likelihood and magnitude based on a wide variety of external sources, industry regulatory actions and trends.
• Risk Assessment Report – Risks are confirmed to enable the company to develop further ERM action plans. The consultants provide specific recommendations for changes in workflow, organizational and internal reporting structure, training/education efforts, technology, and attestation or external reporting.

“With their strong industry experience, our consultants can tailor risk assessments to a company’s strategic initiatives, while also taking into consideration what is currently happening within the regulatory environment,” said Todd Cooper, vice president and general manager of Enterprise Risk Compliance at Wolters Kluwer Financial Services. “With proper risk analysis and reporting capabilities, financial firms are better positioned to make effective decisions and meet the overall goals of the business.”

The expanded offering builds upon Wolters Kluwer Financial Services’ risk-focused Consulting Services in the banking market. It also complements the company’s ARC Logics enterprise risk management tool for financial organizations. More information about the company’s Consulting Services.