Evaluation Of The Big 4 Accounting Firms

1250 Words5 Pages
Introduction In this modern age, risks come in all shapes and sizes, and as a result, several companies are restructuring their market offerings in order to provide solutions to their clients to deal with these dynamic risks. Sometimes, the executives at an organization may decide to outsource the assessment and drawing up of risk management strategies to such companies. Take for example the Big 4 accounting firms, which comprises of PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG- they offer risk management services to their clients, and this business contributes billions of dollars on an annual basis to their bottom line. To be able to take into account all the requirements for building up a good risk management plan, these organizations need to take into account the following 1. Establish the priorities of the organization 2. Determine the value of the company’s assets 3. Assign roles and responsibilities 4. Establish administrative, technical, and physical controls (Workman, Phelps, & Gathegi, 2013) Commonly Used Risk Assessment Methodologies To guide and assist organizations with implementing the security program that is appropriate for their needs, certain industry accepted standards have been designed and made available to the market. NIST is popular predominantly in the USA – a recent survey found that 82 percent of 150 IT and security professionals in the federal government said their agencies are either fully or partially implementing the
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