11 Lotru St., 1st District, Bucharest

”The key to risk management is never putting yourself in a position where you cannot live to fight another day.”

Richard S Fuld, Jr.

Risk management has been a significant part of the insurance industry but in recent times it has developed a wider currency as an emerging management philosophy across the globe. The challenge facing the risk management practitioners of the twenty-first century is not just breaking free of the mantra that risk management is all about insurance, and if we have insurance, then we have managed our risks, but rather being accepted as a provider of advice and service to the risk makers and the risk takers at all levels within the enterprise.

Most of business risks are not insurable. It is the risk makers and the risk takers who must be the owners of risk and accountable for its effective management. Enterprise Risk Management includes every aspect of risks within the corporation, including labor negotiation risks, innovation risks, lack-of-foresight risks, ignoring market condition risks, managing self-interest and greed risks, and so forth. The holistic risks include not only insuring buildings and automobiles or worker’s compensation. They must look at the complete picture of how to ensure survival in a competitive and technologically innovative world.

ERM needs to be part of the mindset of every company stakeholder. When one arm of the company is pulling for its own gains without consideration of the total value it delivers to stakeholders, the result, no doubt, will be disastrous. The players need to dance together under the paradigm that every action might have the potential to lead to catastrophic results. The risk of each action needs to be clear, and assuredness for risk mitigation is a must.

“The Risk-Driven Business Model” will help you manage risk better by showing how the key choices you make in designing your business models either increase or reduce two characteristic types of risk–information risk (risk knowledge), when you make decisions without enough information, and incentive-alignment risk (risk ownership allocation), when decision makers’ incentives are at odds with the broader goals of the company.

Our Services

Commercial / Financial Credit Management; Customers / Debtors Risk Assessment; Risk Exposure Control (Credit Limits); Risk Monitoring & Review; Collateral Agent; Debt Recovery Agent.

Suppliers Risk Assessment; Risk Exposure Control (Risk Allocation); Risk Monitoring & Review; Guarantees Agent; Debt Recovery Agent.

Risk Classification & Categories, Risk Assessment Processes and Procedures, Models Testing over the portfolios, Models Calibration.

Rivale ensures the objectivity or risk recognition, risk definition, risk assessment, risk mitigation, risk prioritization, risk reserves allocation by avoiding the conflict of interests among the risk owners (some of them are tempted to overestimate their risks because of risk aversion, while others might underestimate them either for hiding serious circumstances and root causes or because of a higher risk appetite).

Customized approach according to the resources available (risk reserves allocation), customer’s Risk Capacity and customer’s Risk Profile (Risk Appetite and Risk Tolerance).

The top management must ascertain—before the damage occurs—that an arrangement will provide equilibrium between resources needed and existing resources. The idea is to secure continuity despite losses. As such, our job is to evaluate the firm’s ability or capacity to sustain (absorb) damages. This job requires in-depth knowledge of the firm’s financial resources, such as credit lines, equity surplus, and insurance arrangements.

Rivale ensures fair and objective risk cost estimates, monitoring and review periodically that help the companies to build risk budget / reserves, accurately. The risk budget / reserves are meant to cover risk mitigation, risk transfer, emergency procedures, recovery expenses, cost of opportunities, etc.

No one should kill “moschitos” by using “nuclear bombs”. On the other hand, in case of catastrophic impacts and incalculable third party liability, in spite of a very low expected likelihood, the mitigation cost might increase above the budget of that risk if savings available from the budgets of other risks. This is a reasonable approach because of assymetric behavior of certain sensitive risks (although unlikely, the loss in case the risk materializes is many times higher than expected return in exchange of the exposure taken).

It helps to avoid unexpected overrun that might affect operations continuity and projects deployment. Instead of using a general benchmarking of 20% overrun, irrespective of the particular business or project we recommend a fine tunning of the overrun expenses / expenditures budget.

Rivale ensures passing through each and every step of the risk management process, including Risk Response Tactics implementation, aiming to: Minimize Hazards, Substitute, Moderate, Simplify.

A risk assessment of the components of the business model will enable any organisation to evaluate the robustness of the existing business model and identify the events that could impact the efficient and effective delivery of the customer offering. The assessment should also identify opportunities for improving operational and compliance efficiency. This will help the organisation identify the risks it is willing to take – often defined or characterised as the risk appetite.

Three Lines of Defense; Defense in Depth; As Low As Reasonable Achievable (Practicable); Risk Perception Culture; Risk Informed Decision Making Process; Risk Communication.

All businesses are exposed to risks all the time. Such risks can directly affect day-to-day operations, decrease revenue or increase expenses. Their impact may be serious enough for the business to fail. Most business managers know instinctively that they should have insurance policies to cover risks to life and property. However, there are many other risks that all businesses face, some of which are overlooked or ignored. Every business is subject to possible losses from unmanaged risks. Sound risk management should reduce the chance that a particular event will take place and, if it does take place, sound risk management should reduce its impact. Sound risk management also protects business wealth. Sound risk management can produce the following benefits: lower insurance premiums, reduced chance that the business may be the target of legal action, reduced losses of cash or stock, reduced business down time.

Independent Review of the current development stage plus our recommendation for ascending further. Scale Phase Description of development level.


Phase Description of development level


Initialization component and associated activities may be implemented according to current priorities


Basic limited capabilities to identify, assess, manage, control and monitor risks


Defined risk management policies and techniques are defined and utilized across the organization, sufficiently


Operational consistent application of policies and techniques


Advanced dynamic adaptative process connected to the business cycle; robust risk informed decision making process

Crisis Management; Response Management; Recovery Management. It is based on prior identification, analysis and evaluation of risks; it incorporates the diminishing impact related measures after risks materialization, and those meant to keep the core business functions operational, temporarily, up until the complete recovery within a well scheduled time horizon.

 Our inspection gives an objective assurance with respect to risk mitigation effectiveness and enhances the confidence in diminishing of residual risks and risk cost, eventually.

Drawing up Risk Management Strategy; Risk Appetite / Risk Tolerance Analysis

It helps to increase the company’s risk capacity

It helps to increase the managerial courage