Risky business

1,086 views
951 views

Published on

Successful risk management as the key to business transformation

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,086
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • 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

    1. 1. Risky Business? “Identification and assessment of risk associated with business transformation” Eileen Abbess, The Nichols Group
    2. 2. 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
    3. 3. What is business transformation? project programme people process technology systems tools benefits skills
    4. 4. 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
    5. 5. Identification of risk associated with business transformation Identify Objectives Assess Plan mitigation Implement plan Monitor <ul><li>What are the objectives? </li></ul><ul><li>What could impact them? </li></ul><ul><li>What are common causes of failure in business transformation? </li></ul>
    6. 6. Common causes of failure in business transformation Source: from John Kotter’s 8 step process in ‘Leading Change’
    7. 7. Assessing business transformation risks Identify Objectives Assess Plan mitigation Implement plan Monitor
    8. 8. 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
    9. 9. Risk management perspectives? Strategic Operational Project Change Other? Transformation
    10. 10. Risk management perspectives Strategic Operational Project Transformation “ the enterprise”
    11. 11. 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
    12. 12. Risk assessment models Time Cost Quality Project Strategic Operational <ul><li>Our vision </li></ul><ul><li>Our mission </li></ul><ul><li>Our goals </li></ul><ul><li>eg </li></ul><ul><li>Safety Risk Model </li></ul><ul><li>Financial controls </li></ul><ul><li>Insurance </li></ul>
    13. 13. Risk assessment perspectives
    14. 14. A transformation risk dashboard (example)
    15. 15. We have covered: <ul><li>What is business transformation </li></ul><ul><li>Common sources of risk and causes of failure around business transformation </li></ul><ul><li>Risk perspectives associated with business transformation </li></ul><ul><li>The importance of an enterprise wide system </li></ul><ul><li>How to bring the different transformation perspectives together </li></ul><ul><li>The concept of a business transformation risk dashboard </li></ul><ul><li>The value added by risk management to business transformation </li></ul>Thank you
    16. 16. For further information: Eileen Abbess The Nichols Group 07976 147461 [email_address]

    ×