NEOS LLC offers inside look on how to find and manage operational risk.
NEOS LLC released the first of a series of eBooks on a variety of business solutions for companies in the insurance, financial services and information media industries. The eBook “Operational Risk exists in every organization. Even yours.” addresses how to handle the concern of loss from internal business processes, people and technology.
Organizations accept that their internal resources are imperfect and that losses will arise from errors and ineffective operations. The size of the loss they are prepared to accept will determine their depth of operational risk. Depending upon the infraction caused by unknown risk, a company can suffer fines, loss of revenue, or reputational damage.
NEOS has authored an eBook to provide insight around operational risk, proving how business knowledge aids management in making tough decisions regarding risk. The eBook defines operational risk, shows the factors that should make you question your risk, categorizes where risk is found, and explains how an organization should begin addressing their risks.
“We designed this eBook to provide companies with the opportunities to get ahead of their potential problems that are within their framework. When you have large amounts of employees, processes and technology, it is easy for things to get uncoordinated. All pieces need to work together to control risk, which is where we come in, to point out where pieces have stopped working together,” said Dan Kohler, Senior Consultant at NEOS LLC.
“At NEOS we see processes as assets. By performing an objective review of operational risk, we are able to make sure that processes are working as assets instead of points of risk. We have been a part of the industry for so long; we have become very skilled at recognizing potential problems, working closely with our clients and identifying recommendations that will reduce the amount of risk quickly and cost effectively,” Carla Gregory, VP of Business Operations at NEOS LLC.
For more information on Operation Risk visit our Business Services page.