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Successful risk management as the key to business transformation

Successful risk management as the key to business transformation

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  • For reference ie its overriding objective is to provide reasonable assurance that the business objectives can be achieved COSO Committee of Sponsoring Organisations – dedicated to improving the quality of financial reporting through business ethics, effective internal controls and corporate governance – formed in 85.
  • Different tools and techniques exist within different perspectives of risk management – some are proprietorial. Need to consider how to bring these together / make them harmonious in a way to enable the business to get an overview/ complete picture – using

Risky business Risky business Presentation Transcript

  • Risky Business? “Identification and assessment of risk associated with business transformation” Eileen Abbess, The Nichols Group
  • Workshop scope Identify Objectives Assess Plan mitigation Implement plan Monitor A risk management process … … and need to understand the context ie what is meant by business transformation
  • What is business transformation? project programme people process technology systems tools benefits skills
  • What is business transformation? For the purposes of this workshop: “ A programme of activity which transforms how a business operates” eg changes processes, provides new tools, changes peoples’ jobs
  • Identification of risk associated with business transformation Identify Objectives Assess Plan mitigation Implement plan Monitor
    • What are the objectives?
    • What could impact them?
    • What are common causes of failure in business transformation?
  • Common causes of failure in business transformation Source: from John Kotter’s 8 step process in ‘Leading Change’
  • Assessing business transformation risks Identify Objectives Assess Plan mitigation Implement plan Monitor
  • Assessing ? likelihood ? impact ? frequency ? probability ? severity ? magnitude Score 1 2 3 4 5 5 6 7 8 9 10 4 5 6 7 8 9 3 4 5 6 7 8 2 3 4 5 6 7 1 2 3 4 5 6
  • Risk management perspectives? Strategic Operational Project Change Other? Transformation
  • Risk management perspectives Strategic Operational Project Transformation “ the enterprise”
  • Enterprise risk management “… a process, effected by an entity’s board of directors, management and others … applied in strategy setting and across the enterprise … designed to identify potential events that may affect the entity … to provide reasonable assurance regarding the achievement of objectives …” COSO
  • Risk assessment models Time Cost Quality Project Strategic Operational
    • Our vision
    • Our mission
    • Our goals
    • eg
    • Safety Risk Model
    • Financial controls
    • Insurance
  • Risk assessment perspectives
  • A transformation risk dashboard (example)
  • We have covered:
    • What is business transformation
    • Common sources of risk and causes of failure around business transformation
    • Risk perspectives associated with business transformation
    • The importance of an enterprise wide system
    • How to bring the different transformation perspectives together
    • The concept of a business transformation risk dashboard
    • The value added by risk management to business transformation
    Thank you
  • For further information: Eileen Abbess The Nichols Group 07976 147461 [email_address]