Enterprise Risk Management
Enterprise Risk Management
In a rapidly changing world, organisations are being challenged with greater uncertainty, and as a result, managing risk is becoming more complex and demanding than ever before. There is, however, a great opportunity for businesses to take a more collaborative, transparent approach to risk management ensuring greater confidence in business decision making and planning. Organisations have long understood the need to identify and manage risks for the following reasons:
Improved decision making and performance
Contribute to regulatory compliance Yet while some organisations achieve these benefits, other struggles. Our team has extensive experience and skills in assisting both public and private sector clients to develop and maintain sustainable enterprise and project risk management programs that consistently lead to risk management success. HOW?
Improved confidence in budget allocation
Improved organizational governance and due diligence
Contributes to the achievement of objectives
We acknowledge and understand
Risk Frameworks & Processes
Policy, Procedures, Technology
Risk Culture & Maturity
Behaviours, Attitudes, Leadership
Risk Management Success!
In applying the principles and practices of risk management we place great emphasis and energy in working closely with organisations to first understand their needs and then to develop and implement integrated risk programs that are relevant, comprehensive and allow informed decision making. Our specific service areas include:
Risk Policy & Strategy
Risk Management Framework/Process
Risk Appetite and Risk Performance
Risk Identification & Assessment
Risk Treatment & Mitigation
Business Process Integration
Project Risk Management
Risk in Change
Business Continuity Planning
Risk Culture and Maturity
PretoriaSafety can help you to review, develop and implement risk frameworks and processes that are tailored and appropriate to your business and just as importantly, work closely with you to help build the elusive risk culture that will ultimately lead you to risk management success!
Enterprise Risk Management
Risk Frameworks Processes
Establishing a risk framework is a critical piece of work for any organisation, as it guides how risk will be approached and managed. It is a series of documents such as risk policy, assessment and management procedures and processes that guide how risk will be managed. Key stages in the development of the risk framework include:
- Design. Your risk framework is not a generic, one size fits all document. It should be tailored to you, and the environment you operate in. The risk framework describes how risk will be managed within your organisation, and by whom. It should be immediately recognisable to all that it helps guide decision making in your business and demonstrate the level of risk-taking and risk prevention that you are comfortable with. PretoriaSafety can help you design your risk framework so that it works for your business.
Risk Appetite and Performance
Managing risk means managing the effects of uncertainty on your organisation. With Pretoriasafety, you have a strategic partner to help you identify and manage risk issues – and to turn those issues into improved outcomes.
The strength and sustainability of your organisation depend on an effective risk management strategy embedded in all aspects of your operations. Our aim is to have you and your stakeholders driving a risk-aware culture to remove undue uncertainty, protect your viability and maximise your growth.
Every organisation faces risks, challenges and opportunities which change according to your operating environment and it may look similar to:
- Greater competition across industry sectors driving innovation.
- An ever-growing regulatory and governance environment.
- Increasing needs for workforce diversity and wellbeing.
We help you to understand how risk management can enhance your organisation’s success by providing a platform for your organisation to:
- Attract and retain talent, clients and stakeholders
- Capitalise on more opportunities by understanding your own risk profile
- Operate more dynamically
- Invest in a safer manner
Pretoriasafety offers industry-leading expertise in managing risk for medium to large enterprises and organisations in every sector. We specialise in risk management solutions that achieve the best possible outcome for every client. Our brand of risk management is far more than just minimising damage or loss. It plays a crucial role in strengthening your organisation by building sustainable frameworks and uplifting the capability of your people through coaching and guidance. Our aim is to enhance your competitive advantage and build greater risk resilience.
Designing risk management solutions that are tailored for every business and adapting them to the specific risk profile of each client and the industry is what drives us. Our consultants are deeply experienced within their field with years of strategic and operational exposure across many industries and applications.
Let us provide you with the right advice, in the right way and at the right time.
We believe in giving more than great recommendations. We also help you to embed them. We combine our deep industry knowledge with the latest industry research to build robust and intentional implementation programs that work together to reduce your risk. We can design and deliver implementation programs for you or be a coach to guide your teams using our established change and project models.
We take Consulting beyond the report and work closely with you to embed the best solutions for your business by leveraging our certified project and change management practitioners who are experienced in delivering many different types of risk management projects.
Risk Identification & Assessment
Risk identification is a methodical approach to understanding the risks that might stop you from fully achieving your business objectives. The formal review of all risks, not just those that are immediately apparent, is a critical stage in the risk management process that is often overlooked. PretoriaSafety can assist you to develop this capability in house, or our experienced team can work with you to uncover all the risks that might impact your business and achieving your goals.
Risk assessment is the process of determining the likelihood of the risk occurring, and the impact the risk will have if it does occur. By combining these two assessments, you can see just how impactful the risk could be and make a conscious choice about how much effort you want to devote to preventing it from occurring. Risk can then be ranked against one another, so that you can prioritise which risk impacts should be prevented or minimised first.
Treating risk is a method of developing plans and initiatives to prevent the risk from occurring. Treatments are actions that will reduce the likelihood of the risk occurring or will lessen the impact if it does occur. PretoriaSafety can assist with each stage of this process to find solutions that work for your business.
Risk Controls & Effectiveness
Risk controls are the actions or activities that are put in place to reduce the likelihood or consequence of a risk occurring. Our expert consultants can help develop control frameworks that are tailored to your business and that work to control your risk. Pretoriasafety also has tools and processes that can assess the effectiveness of those controls in decreasing the likelihood or reducing the impact of the risk, so that you can demonstrate how well the control is working, or where further work is needed to bring the risk rating back to a level you are comfortable with. Undertaking this assessment and demonstrating the results gives comfort to stakeholders that risk is being managed effectively.
Your business is susceptible to shock from both internal and external sources that can interrupt your ability to supply your goods or services. Case studies show that where the supply of your product is interrupted, the market quickly finds an alternative and moves on. It can be hard to recover and regain that foothold again.
The best plan to avoid this is to develop your business continuity plan. This is a plan which identifies all of your critical business functions and resources, with plans to recover or replace those functions or resources, within agreed timeframes. The plan means that when the interruption event occurs, you know what you need to do in a sequential manner to get your business up and running again.
Developing a business continuity plan can present a challenge to a business, as it requires specialist skills that may not be present or needed in the business on a day to day basis. At Pretoriasafety, we have extensive experience in partnering with you to develop cost-effective business continuity plans that allow you to respond quickly, no matter what the cause of the business interruption is.
Risk Policy & Strategy
A risk strategy sets out what you want to achieve as outcomes for the management of risks and how you intend to achieve it. Your risk management strategy can cover all aspects of your business, from safety, financial, operational and reputational risk goals. The risk strategy should also include the way in which the organisation will consider risk and enjoy the same importance and frequency as other key organisational planning events. Connecting your risk strategy with your organisation’s vision and key objectives will align your efforts toward achieving outcomes.
Your risk policy is a key part of the risk framework and is your statement of intent as to how risk will be managed in your business, its focus and the behaviours that are required to ensure it becomes a part of everyday risk practice. It is crucial to get the intent of this document right, as it sets the tone for your entire business.
Pretoriasafety can partner you through the development of your strategy so that you develop a destination that is meaningful for your business. We can also assist with the effective implementation of your strategy to ensure that you continue to plan, act and sustain productive risk practices.
Business Process Integration
Organisations are required to successfully implement a range of business processes (such as administration, strategic business planning, financial planning, product development, procurement, sales, marketing, customer service, information technology, information security and asset management) to ultimately achieve their business objectives. Risks are likely to be evident within the range of business processes an organisation implements and therefore must be managed properly.
A standalone risk management framework, that is imposed on by the organisation to the process owner will be considered an ‘extra task’ by the time-strapped owner, and therefore will have some contribution to the management of risk within the business process.
However, a risk framework will be significantly more effective if it is integrated within the business process. Consideration and management of risk become part of, and is fundamental to, the design, implementation, monitoring and continual improvement of the business process. Risk framework elements are incorporated into the business process procedures such as during the annual business planning cycle, consideration of the organisation’s key business/strategic risks to inform the next business plan should be included. Business planning can then contribute to the update of business/strategic risks.
Once a risk management framework and supporting process has been developed, PretoriaSafety is able to work with both strategic, operational and project business owners to not only incorporate relevant RMF components into business process documentation but also embed risk management thinking into executive, operational and project management culture.
A risk register is a critical tool that captures information about risks and risk management and provides a dashboard view of the effectiveness of risk management for a particular topic. A risk register contains information about the risk, the causes of the risk, the controls in place to mitigate the risk, and the rating for that risk. Risk registers can also be developed to identify future mitigations and the progress to implement them. Pretoriasafety can partner with you to develop risk register templates and processes that work for your business and are scalable, from enterprise through to business unit and project level.
PretoriaSafety can also partner with you through the process of populating the risk register, showing you how to collect the information and represent it in a way that will have meaning for your business.
Risk Management Facilitation & Training
To be effective, a risk management framework and the output from a risk process needs to be well considered. It must be relevant and meaningful to the organisation, representative of the business and have the ownership of the executive, management and staff. Pretoriasafety places great emphasis in working closely with our clients to ensure this is achieved.
We have significant experience in facilitating risk workshops and meetings with senior executives to operational teams, including, for example, developing risk policy and governance models; risk appetite statements; risk assessment criteria or facilitating risk identification and assessment workshops. While bringing significant risk and business expertise to workshops and meetings, our consultant team is highly skilled in listening, challenging, prompting and engaging participants to ensure the session objectives and deliverables are achieved.
PretoriaSafety is also highly experienced and well credentialled in designing and delivering risk management training sessions to upskill management and/or staff:
- In either the fundamentals or more complex elements of risk management
- in the implementation of organisational risk frameworks and processes, including their role in managing risk and how to undertake their risk management responsibilities
Project Risk Management
Project Risk Management Frameworks
Similarly with our approach to assist clients review and develop their business, or enterprise risk management frameworks and processes, Pretoriasafety is also able to assist organisations to establish project risk management frameworks that are importantly aligned to the enterprise RMF, tailored to ensure that outcomes from the project risk assessment are meaningful. We often observe that project managers are instructed to implement an enterprise risk management framework yet become frustrated when the risk assessment process fails to highlight significant risks as a result. Risk assessment criteria, for example, need to be tailored specifically for a project delivery environment to ensure they are prioritised accordingly.
Pretoriasafety has significant experience in developing project risk management frameworks, and our personnel have acted as the subcontracted risk manager during the delivery of various large, complex projects in South Africa. We have consistently developed innovative risk processes, tools and templates to enhance the outcome of the risk management function within projects and work very closely with project discipline leads to ensure project risk is captured, treated and reported.
Risk in change
To address a particular need, organisations will implement specific projects to effect change in the business. As part of their responsibilities, project managers will identify and manage risks associated with the delivery of their projects, typically associated with schedule, cost and quality.
What is often neglected however, is the identification and management of those those risks that are delivered into the business as a result of the change. A project may deliver the required change but at what cost? To avoid, or at least minimise the impacts of these delivered risks in the business it is critical to identify them, and minimise their potential business impact, during project delivery.
We work closely with both project and change managers to introduce a process that can identify and manage risks associated with change.
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