Risk Management

In a world that’s constantly on the brink of change, protecting a business is a big task. There are many potential risks surrounding everything, from finance and legal to operations and data. Employing the services of a professional consulting firm provides an extra layer of defence against would-be threats.

At startMYplan, we pride ourselves on our depth of knowledge regarding the digital landscape, current and predicted market trends, and evolving compliance regulations. We work with companies of all shapes and sizes across Canada developing and implementing strategies to avoid failure and effectively meet goals head-on.

There is no “one size fits all” risk management service when it comes to business and finances. Every company is different, and therefore, every strategy we design is customized to suit the individual needs of the client we design for. Working together, we can determine any potential threats to your current risk management procedures and strengthen them from within.

While startMYplan works with businesses within a wide breadth of industries, some of our main specialties within the risk management field include:

Capital Adequacy Ratio

For banks and other financial management institutions, capital adequacy ratio, or CAR, is one of the largest areas of risk. Structuring and organizing a list of eligible tier 1 and tier 2 assets, determining loss capabilities, and researching potential threats are all tasks startMYplan consultants help with.

The possibility of unforeseen loss is always at the forefront of concerns within the financial management industry. Ensuring these fail-safes are in place to minimize the chances of insolvency and the risk of potential failure.

Tax Compliance

With tax laws perpetually in motion, it is detrimental that a company follows updates and consistently implements new policies and accounting procedures to meet them. This is one of our largest areas of expertise as it affects so many businesses, both domestically and internationally. Within the compliance field, we train, provide tools, and offer advice on topics such as:

  • Audits
  • Filing
  • Tax Prep
  • Organization
  • Software
  • Digitizing information
  • Communicating with CRA

Often our clients have enough on their plates without dealing with outside entities in law and government. One of the ways we support businesses is through liaising with CRA, lawyers, and other governing entities. Providing training and resources, startMYplan ensures your accountants are supported at every angle.

Audit Consulting

No business wants to hear that an audit is in the cards. At startMYplan, we support clients both with proactive strategies to avoid an audit, as well as navigating audits, should they occur. Working as a liaison between government officials, the legal system, and your employees, startMYplan alleviates much of the stress associated with a company audit.

As a consultant during a company audit, we can direct your accounting team on how to organize documents, work with your legal department, and even coach management through the process.

An audit is not always an external review of financial affairs but can be an internal component to a thorough financial management plan. Using advanced auditing techniques, startMYplan finds areas of weakness within a business infrastructure and assists in the development of modifications and new procedures to strengthen current protocols and create new ones.

Business Acquisition and Merger Risk Assessment

Before exploring opportunities for expansion, understanding the risks are a must. At startMYplan, we assist with everything from researching and vetting to designing new strategies for post-merger risk protection. Our team is here to walk you through every stage of business development and reintegration.

During business acquisition, there are many areas exposed to potential risks, including legal and financial. Complying to all tax and corporate laws domestically and/or internationally aids in eliminating some of these risks. StartMYplan has a strong background in M&A management here in Canada and abroad. Our team is constantly updating strategies to ensure our clients are protected and have the best chance of completing an acquisition or merger.

Our job is to protect your staff, assets, and interests at every step. Having this support behind you during complex business decisions and minimizes the potential for an M&A collapse and loss of revenue.

Cyber Security and Data Protection

The digital world is one that all businesses traverse regularly. From employee files to customer relations and even financial regulation – modern companies require fully functional cybersecurity strategies to rise above fraud and loss. While startMYplan isn’t an IT resource, we do have connections with IT assets, tools, and professionals to prevent digital leaks and losses.

Preventing cyber risks is something startMYplan has become more involved with over the past decade. By upgrading digital software, reviewing potential points of threat, and developing new cybersecurity strategies, we ensure that information and assets are safe.

Portfolio Management and Protection

In the private wealth sector, portfolio management is at the forefront of risk management. It requires a vast knowledge of the market, current trends, and predicted future trends. At startMYplan, our extensive work within the private wealth industry has provided exclusive knowledge and support tools which we use to protect our clients.

The success of a portfolio depends on many things, including a structure of well-vetted investments, a buy and sell strategy, a budget plan, and of course, a risk management procedure.

The experienced professionals at startMYplan can help with developing or streamlining budgets, identifying potential threats, and reviewing potential investments for possible risk.

Contact startMYplan for More Information

The startMYplan strategy for risk management is unique and customizable. We approach every client individually, creating a bespoke strategy to protect and support. Risk is a very real concern in any industry, but understanding where weakness hides and how to reinforce those boundaries improves the chances for success.

Consulting and advisory services are often curtailed for small businesses and start-ups. Our philosophy at startMYplan is that every company deserves the same advanced level of service. We support Canadian companies throughout every stage of development and activity, gaining insight into new products, services, and strategies for success as we go. We believe it is a benefit to our clients and us to take on such a diverse grouping.

For more information on risk management consulting, we invite you to contact startMYplan at 1-888-831-6716 and book an appointment with us today.