Risk Management Services in Romania & Internationally

Activities:

• Conducting structured interviews with key stakeholders to identify potential operational, financial, compliance, strategic, and reputational risks.
• Applying a bottom-up approach consistent with ISO 31000 risk assessment methodology, ensuring that all critical business areas are evaluated.
• Assessing risks using qualitative and semi-quantitative scoring models, analyzing both likelihood and impact on business objectives.
• Developing a risk heatmap to visualize and prioritize risks across departments and processes.
• Taking into account multiple factors such as:
  number of processes affected,
  historical incidents within the company or industry,
  recent irregularities or compliance gaps,
  expansion plans and new projects,
  external influences (macroeconomic, geopolitical, demographic).
• Consolidating findings into a Risk Register, which includes detailed descriptions of identified risks, existing controls, impact assessment, and recommended risk mitigation strategies.

Deliverables:

• A comprehensive Risk Register tailored to your organization.
• A Risk Assessment Report including scoring models, risk categorization, and a risk heatmap.
• Recommended risk reduction strategies aligned with your risk appetite framework.
• Practical guidance for senior management on risk governance and regulatory compliance risk management.

The purpose of the risk assessment is for the organization to determine:

• how severe a risk is in relation to its risk appetite framework;
• whether existing internal controls and compliance measures are effective;
• what corrective or preventive actions should be taken to control or reduce the risk;
• how urgently these actions need to be implemented to ensure compliance with ISO 31000 risk management standards.

Activities:

• Conducting structured interviews with relevant stakeholders, using a bottom-up approach (as recommended by enterprise risk management best practices) to identify potential operational, strategic, financial, compliance, and reputational risks.
• Ensuring the use of the best available information and covering all relevant areas of the business.
• Performing a detailed analysis of each identified risk to determine probability and impact on company objectives, using risk scoring models and qualitative assessment methods.
• Creating a risk heatmap to prioritize risks based on severity and likelihood, providing management with a clear visualization tool for decision-making.

Factors to be considered include:

• The number of business units and processes affected by each type of risk.
• Previous events related to the materialization of risks, their frequency, and associated financial losses.
• The potential impact of specific risks on the size and variability of financial results.
• Planned business development activities, such as launching new products or market expansions, that may increase exposure to risks.
• Recently identified irregularities in the management of certain risks.
• Historical events in the industry that caused significant losses, even if rarely occurring.
• External factors, including macroeconomic conditions, geopolitical developments, and demographic shifts, that may influence risk exposure.

Deliverables:

• A consolidated Risk Register (or multiple registers, if applicable) that captures all risk assessment results.
• Each register will include:
  detailed descriptions of identified risks,
  existing controls,
  risk scores and prioritization,
  recommended risk mitigation and treatment options aligned with the organization’s risk appetite framework.
• A supporting Risk Assessment Report, including risk scoring models and a risk heatmap to aid executive decision-making and compliance reporting.

 For all significant risks, we design structured Action Plans that include targeted risk mitigation strategies and additional measures to reduce exposure. Our approach follows the ALARP principle (As Low As Reasonably Practicable), ensuring that risks are managed in the most efficient and cost-effective way without compromising compliance or operational resilience.

Activities:

• Conducting in-depth interviews with relevant stakeholders to identify and validate risk reduction strategies tailored to your organization.
• Defining clear risk treatment plans, including the mitigation measures to be implemented, the responsible persons, and the agreed implementation deadlines.
• Ensuring that all proposed actions are aligned with the organization’s risk appetite framework and its broader risk governance structure.
• Providing expert consultancy on how to integrate mitigation measures into existing enterprise risk management frameworks for long-term impact.

Deliverables:

• Detailed Action Plans for all risks requiring mitigation. Each plan will include:
  a description of the risk,
  existing internal controls,
  recommended risk mitigation measures,
  assigned responsibilities and accountabilities,
  clear implementation timelines.
• Practical guidance to management for monitoring the effectiveness of implemented measures.
• Documentation that can be used for regulatory compliance reviews, internal audits, or as part of an outsourced risk management service.

 Effective risk management training is essential for building a strong organizational culture of compliance and resilience. At Guardian Compass, we provide tailored employee training and awareness programs that equip staff with the knowledge and practical skills needed to identify, assess, and respond to risks in their daily roles.

Programs can include:

• Preparation of customized training materials – adapted to your industry, organizational structure, and enterprise risk management framework.
• Interactive training sessions and workshops – including simulations of real-life risk scenarios relevant to employees’ responsibilities, enhancing practical decision-making skills.
• E-learning modules – short and concise online courses that employees can complete at their own pace, ensuring flexibility and continuous learning.
• Internal risk awareness campaigns – using internal newsletters, intranet articles, and posters to highlight the importance of risk governance and share success stories or lessons learned.

Deliverables:

• Comprehensive risk awareness training materials.
• Records of completed employee risk management training sessions.
• E-learning modules accessible for ongoing staff development.
• Communication campaign templates to maintain long-term risk awareness across the organization.

 A comprehensive risk reassessment of the entire Risk Register must be performed periodically to ensure that the risk management framework remains effective and aligned with the organization’s objectives. This process allows management to determine whether:

• The risk management framework and processes are still fit for purpose and consistent with the company’s evolving priorities.
• Risks are being managed in accordance with the Risk Register, corresponding Action Plans, and the organization’s risk appetite framework.
• The probability, impact, or severity of certain risks has changed, requiring updated scoring or treatment.
• Certain risks have been eliminated, while new or emerging risks have materialized.
• Activities continue to follow the principles of the initial risk identification and assessment consultancy.

Deliverables:

• Updated Risk Register(s) reflecting all changes in risks, controls, and scoring.
• Development of new or revised Action Plans, where applicable, to address updated risk levels.
• Preparation of a Risk Reassessment Report, structured for executive risk reporting and presentation to Top Management.

Benefits:

• Ensures the risk management framework remains aligned with the organization’s changing environment, market conditions, and strategic objectives.
• Identifies new and emerging risks, enabling proactive and timely mitigation measures.
• Provides Top Management and Boards with assurance that risks are managed effectively and in compliance with governance standards.
• Demonstrates the company’s commitment to strong risk governance frameworks, transparency, and regulatory compliance.

 Continuous risk monitoring is essential to ensure that risks remain under control and that the organization can adapt quickly to new threats. As a risk management consultant in Romania, Guardian Compass provides both ongoing internal monitoring and outsourced risk management partnerships, enabling companies to maintain a proactive and cost-efficient approach to resilience.

Monitoring activities are performed to intervene in situations such as:

• Identification of significant internal changes – including modifications to company structure, new departments, process changes, or technological upgrades that may increase exposure to risk.
• Detection of notable incidents – such as cyber-attacks, data breaches, cases of fraud, or employee-related incidents that require immediate response and adaptation of controls.
• Adapting mitigation measures to organizational changes – updating risk treatment plans and controls to reflect new business realities or operational priorities.
• Identifying external and internal context changes and emerging risks – monitoring macroeconomic, geopolitical, regulatory, and demographic trends that may impact the organization’s risk profile, requiring the reprioritization of risks and updates to the risk governance framework.

Benefits of long-term cooperation include:

• Access to an outsourced risk management consultant without the cost of maintaining a full in-house team.
• Continuous updates to your risk register and risk appetite framework.
• Early detection of emerging risks and timely regulatory compliance monitoring.
• Strengthened risk governance frameworks that support long-term organizational resilience.