Structuring Risk Management

The Issues

Asset Investment Company wanted a review of their Risk Management Framework and Board risk register.

Were their frameworks and risk management processes aligned to better practice?
Were the key risks captured?

Correctly identifying, articulating and assessing Strategic Risks is highly important as they will have a direct impact on the organisation’s Strategic Objectives.

TCL’s Approach to help the Client

Reviewed & challenged the Risk Management Framework against ISO 31000 Risk Management Principles.
Suggested several areas for the Framework to be tailored to the organisation’s needs – improved definitions and processes.
Developed Pre-Workshop Briefing Paper. Each Workshop Participant was to consider the key risks aligned with the Vision, Mission and Pathways.
Facilitated Board Risk Workshop.
In conjunction with their Insurance Broker, identified insurance responses and gaps for each risk.

Client Outcome & Benefits

Removed 7 risks from the original risk register and identified 8 new strategic risks.
Improved understanding of insurance response and gaps in cover for each identified risk.
Improved risk assessment definitions & criteria – consistency in assessment and identification of most impactful risks to the business.
Improved risk management culture – establishment of Risk Champions, formalised frequency of reviews.