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Your Company Will Need Risk Consultants To Survive 2019

January 15, 2019

The year is shaping up to be a contentious one as global politics and financial markets are bracing for turbulence. Businesses and organizations that operate beyond national borders must prepare for whatever shocks might damage their bottom line. It’s now imperative for board rooms to welcome qualified risk consultants whose insights can steer the organization away from trouble. These men and women perform a variety of tasks, from mundane training courses to helping extricate an employee in hot water–if the problem is grave enough.

Here are a few very specific threats to watch out for in 2019.

Cyber Danger

It’s so banal to mention how sensitive data in company-owned PCs are juicy targets for theft. *eyeroll* But the maxims and protocols for effective cybersecurity haven’t sunk deep enough in the white collar world’s mindset. If all it took were an “office attendant” hovering by a manager’s desk to remind the occupant that clicking on a suspicious link from an office email is dangerous, maybe this is what it takes for effective cyber threat mitigation. But there are other kinds of shenanigans in offices today, like rogue employees mining cryptocurrencies on the sly when everyone has gone home.

These anomalies count among the different kinds of shit risk consultants need to deal with in the private sector. And the public sector too.

Internal Fraud

Seriously. It can’t be stressed enough how massive a problem this is in countries hailed as emerging markets.

IP Protection

Since Intellectual Property (IP) theft is endemic across Asia, where dismal enforcement and outdated laws encourage this type of activity, it’s not surprising risk consultants may need to intervene on occasion. Whether it’s a global retail brand or a manufacturer shifting operations to an emerging market, there’s always a risk their goods aren’t just stolen but counterfeited and reverse engineered.

The rationale for having a risk consultant (as well as a lawyer/s) is for those times when companies have no access to law enforcement or any local representation. This leaves few options on the table…except fighting business partners and counterfeiters who steal IP.

Strategic Views

As of this writing, an epic trade war is souring diplomacy between China and the US. The Middle East remains a maelstrom. There’s a looming financial crisis in the UK as it struggles to negotiate a satisfactory exit from the European Union. The much hyped emerging markets of Southeast Asia and Latin America no longer inspire excitement. So why should executives be optimistic?

This is where risk consultants step in. If they’re around to tell board rooms and teams what to avoid and how to get things done–without breaking any laws–their contributions to the bottom line can be priceless. Risk consultants are also troubleshooters for sorting out bad deals in challenging places.

VIP Security

It’s almost trendy to have boring C-suite types under arrest these days. Last year saw an executive of telecom giant Huawei arrested in Canada for violating US sanctions against Iran, which invited a reprisal in China where a Canadian citizen and former diplomat vanished without a trace. Does the horrendous murder of Jamal Khashoggi trigger a cold sweat and second thoughts about dealing with partners in the Gulf?

The awful truth is, business professionals are now so empowered by the scope of their responsibilities, their safety in unfamiliar places (and familiar ones) is no longer guaranteed. Perhaps having a risk consultant on call for strategizing ways out of these scary incidents is a worthwhile investment. It very much is.

Ever Heard About ARC?

One firm based in the Philippines offers boutique solutions for enterprise-level clients. Adsum Risk Consulting (ARC) was founded by a former intelligence practitioner with decades of hands-on experience in Asia and the Middle East. ARC’s previous work spans almost every scenario where private companies faced damaging business risks from within and without. Among ARC’s many specialties are assisting large organizations whose members are engaging in fraud.

ARC’s distinctive skill set applies to different industries as well. Medium and large companies in sectors like banking and finance; business process outsourcing; communications and IT; construction and real estate; energy and transportation; manpower and recruitment; as well as manufacturing and other heavy industries can benefit from having veteran risk consultants assist them with best practices.

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