Wolters Kluwer Financial Services has expanded its consulting services for U.S. securities and insurance firms to help them better address the growing challenges of enterprise risk management. Consultants now provide financial organizations with risk assessments, focused on identifying and analyzing various types of risks and their potential impact so firms can develop the appropriate controls.

"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."

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.

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.