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Case Study
RISK MANAGEMENT

To reduce risk, improve structure

Situation

Our client – an ASX Top 100 Company – believed it had strong risk management capabilities in its operational areas, but required a more structured risk management approach.

Process and findings

Over a three week period, we conducted an extensive review of the client’s existing risk management capabilities and processes.

These processes were reviewed against ISO:31000:2009 Risk Management Standard and Principle 7 of the ASX Principles of Good Corporate Governance; Best Practice Recommendations.

We compiled a diagnostic report that outlined the strengths and weaknesses of the client’s existing risk management program.

It included the following deficiencies:

  • The client had some capabilities in managing specific risks within each of its subsidiaries, but there was little consistency in the approach or reporting on these risks.
  • There was no formal system in place to systematically identify, assess, manage and monitor risks that could impact on the client’s strategic, financial and operational objectives.

Client outcome

Following our review, the client engaged Risk Advisory Services as an outsourced risk management department to design and implement a risk management program that was consistent with its organisational structure and culture.

To date the client:

  • Has revised the terms and focus of its Risk Management Committee to oversee the organisation’s risk management process, and monitor the management of its significant risks.
  • Has identified the significant financial risks facing the organisation and is reviewing how these are currently being managed.
  • Has developed a suite of policies to be implemented across the group to ensure internal controls are consistent.
  • Is developing a reporting and monitoring system to ensure identified risks and incidents are recorded consistently by each subsidiary. Management reports will be shared across the group to improve risk mitigation through awareness.

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Risk Advisory Services provided CCA with the means through an independent Risk & Insurance review and series of recommendations to reduce our insurance costs and achieve an enhanced match between our risks and available insurance cover.
Michael BraudeGroup TreasurerCoca-Cola Amatil
Risk Advisory Services provide innovative thinking and an informed but lateral take on any given issue. They bring a wealth of industry knowledge and a refreshingly practical and pragmatic approach to problem solving, whether at an operational level such as premium related issues or from a more strategic perspective.
Derek HallGroup Workers Compensation ManagerWoolworths Limited
We engaged Risk Advisory Services to develop consistent Risk Management processes and systems across our organisation following numerous acquisitions. We are now in a position where we can better measure and monitor risk.
Chris WilksFinance DirectorSonic Healthcare

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