Case Studies on Enterprise Risk Management Implementation
In today's dynamic and often turbulent environment, your organisation needs an enterprise risk management programme that is quickly implementable and utilises the processes and management activities already occurring at your organisation. Whether you are initiating a programme at your organisation or your existing programme needs improvement, Case Studies on Enterprise Risk Management Implementation is a potent answer to your challenges. This publication takes you directly into the experience of a company whose management is starting to formally address risk assessment and management. Walk through their process, working with the board, senior management, and the management team to identify and rate significant risk categories.
The central case study details each step of initiating and implementing a risk assessment and management programme, clarifying and demystifying the process. Fourteen tables, charts, and templates, a memorandum to the management team, and pointers for running productive and efficient meetings give you an immediate head start in beginning your own process. The guide also includes two shorter case studies to further enhance your understanding of enterprise risk management implementation.
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A number of important outcomes arose from the biennial risk assessment process. The organisation determined that it needed to incorporate risk management criteria into its policies and procedures so that risk management would become an integral part of all of the organisation’s processes. The process also resulted in the standardization of health, safety, and security plans, and it enhanced employee tracking during foreign travel. The organisation also enhanced its online proposal system to include a risk assessment section to price risk into proposals and to notify critical risk supervisors early in the bid process of items that may require review.
The enhancement to the online proposal system was one area in which the ERM process immediately added value to the organisation. Shortly after implementation, a proposal was being developed that involved a fairly insignificant amount of revenue. When the new risk assessment portion of the proposal process was completed, however, a significant reputational risk issue was identified. The subject of the research involved in the proposal was an extremely controversial issue, which had generated a significant amount of negative media attention in the past, and having RTI’s name associated with that subject had the potential for serious reputational damage. Through this process, the project leader determined that this risk was significantly outside the normal scope and warranted additional review. The process RTI implemented required that such risks be evaluated by the RMC before the project leader could proceed with the proposal. In order for ERM to not be viewed as a bottleneck in the proposal process, the committee quickly acted on these reviews and usually notified the project team of its decision within three to five days. In this case, the RMC reviewed the potential risk and decided that the organisation should not proceed with that proposal.
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