Most businesses believe they understand and can manage their significant risks effectively, but the ever-growing list of failures and public embarrassments graphically illustrates that this may not always be the case.

Most organisations will now have a formal programme to evaluate and record their most significant risks. But has this been a positive experience?

Can you demonstrate measurable benefits as a result?

Did your organisation embrace the need enthusiastically or did they regard this as another passing fad - yet another initiative?

Have you identified new areas of exposure?

Have you identified any over controlled activities – and taken action to reduce the unnecessary controls?

Has the scoring method adopted caused confusion – risk matrix scoring problems will show you why the approach adopted my many organisations may be providing a false picture of the risks

Or have you just met the regulatory requirement and ‘ticked the right boxes’?

Establishing or revaluating your Enterprise risk management process can be a daunting task. It can be difficult to engage management (particularly Directors) . The key is to adopt a simple but comprehensive approach focussing on specific deliverables and benefits.

This is our specific area of expertise. We have worked with hundreds of organisations across both the public and private sectors to help them introduce or update their ERM process. Our aim is to help establish a firm base to enable any organisation to confidently take ongoing responsibility for the process.

The Process

A facilitated workshop based approach with the objective of enabling any organisation to quickly and effectively evaluate or update the significant risks impacting the enterprise and it’s future direction.

The Deliverables

• Key risks identified and recorded
• Risks sifted and clustered using a proven model (which will be tailored specifically to meet the needs of your organisation)
• Each risk evaluated as to magnitude and likelihood of occurrence
• Results plotted on a matrix
• Mitigation evaluated and recorded for each key risk
• Exposures identified
• Exposures assessed and actions proposed using the four T's
  • Tolerate (accept the risk e.g. those with low likelihood or low impact)
  • Transfer (normally via insurance)
  • Terminate (eliminate the risk if too great for the business to bear or ways to reduce it are impractical or too expensive)
  • Tackle or Treat (reduce the risk by taking specific action) Experience has shown that the vast majority of risks can be treated
• Action plans developed and assigned to address the manageable exposures
• Fully detailed risk register with all risks identified, including mitigation, exposures and actions planned prepared and issued (link opens in new window)

Why Business Risk Management Ltd

• The company specialises in this field
• The process used is comprehensive but simple to understand and apply - it is therefore extremely cost effective
• Services are tailored specifically to meet clients exact requirements
• Programmes are delivered personally by a Director of the Company
• Clear, comprehensive and timely output will be delivered with action plans that can be immediately put in train.
• The process is proven and has been highly successful with hundreds of clients.

The following links provide an example of a memo to launch an Enterprise Risk Programme and a typical proposal for provision of Risk Management services and a list of the benefits clients have achieved.