Risk management is the identification, assessment, and prioritization of risks followed by coordinated application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. Methods, definitions and goals to mitigate risks vary widely according to different factors, including the type of industry, region, or targeted customers.
In the financial industry it is essential to perform risk assessments to identify specific risk categories (i.e. products, services, customers, entities, and geographic locations) unique to the client and to conduct a detail analysis of the data identified to better assess the risk within those categories. In order to assist its clients to mitigate their risks, GCA implements methodologies to:
- identify, characterize, and assess risks
- assess the vulnerability of critical product or services to specific risks
- determine the level of risk associated with a particular area (i.e. the expected consequences of specific vulnerabilities)
- identify ways to reduce those risks
- prioritize risk reduction measures based on a strategy