Your Risk Outlook Report will map out your current and, more importantly, your emerging risks that has a material impact on your organisation and the ecosystem it operates in. This report will develop the Risk Universe your organisation functions within and will provide you with a forward looking perspective on how these current and emerging risks are likely to evolve in the future. These current and emerging risks will not just consider risks emanating from your internal operating environment but will also take into consideration the risks resulting from your external environment including stakeholders, regulators, industry sector, competitors and changes in consumer needs and behaviours. This report will provide you with a sound forward looking outlook so that appropriate action can be initiated in time and to take back control. .
Your Risk Maturity Report will provide you with a detailed assessment of your current risk profile including its level of maturity. This risk maturity assessment will be specifically tailored to your organisation by taking into consideration your internal and external environment, characteristics, organisational lifecycle and other relevant metrics. Where applicable, we will also benchmark the risk maturity of your organisation with a similar organisation(s) to add context and perspective to our assessment. This maturity assessment will give you strong insights on the strengths and gaps, if any, in your risk profile and risk management framework which will equip you to better manage your evolving risks.
Your Risk Transformation Roadmap follows from the Risk Outlook Report and the Risk Maturity Report. Based on the findings in these reports, the Risk Transformation Roadmap will provide a detailed roadmap to plug the gaps and amplify your strengths to further enhance your risk management framework and mitigation efforts in relation to your current risk profile and emerging risk outlook. The Roadmap will include specific actions, execution techniques and success factors to enable a successful transition to a robust and tailored risk management framework. This Roadmap will enhance your management of risks and help better leverage your opportunities going forward and gives you proactive control on how you manage your current and emerging risks.
Your Risk Culture Business report will provide you with a detailed assessment on the strength and gaps of risk culture within your organisation. It will also provide a holistic view on how well your risk culture integrates and embeds with your organisational and business practices to enable robust risk management. Risk culture refers to the behavioural norms that help or hinder effective risk management. It incorporates your organisational underlying values, assumptions about risk management, policies, systems, and includes sub-cultures that may have formed. Risk culture is a crucial element within a risk management framework and strongly influences decision-making and achievement of organisational performance aspirations.
Your Risk Culture ROI report follows from the Risk Culture Business report. Based on the detailed assessment provided in the Risk Culture Business report, the Risk Culture ROI report will provide pragmatic and tailored recommendations on improving the risk culture within your organisation and enhancing its effectiveness. The recommendations will include an analysis of the return on investment (ROI) for each recommendation based by comparing the degree of likely difficulty in implementation of each recommendation with the degree of benefit likely to be derived from its implementation. This analysis will provide an objective basis to your decision-making and will also give you the added perspective about what success will look like after implementing the recommendations.
Your Enterprise Risk Report will detail the maturity of your enterprise risk framework including the policies and procedures that define your processes for the identification, assessment, and response to enterprise risks, along with the subsequent monitoring on an enterprise level. It will also detail the effectiveness of the roles and responsibilities defined for the people who manage the enterprise risks for your organisation. This report is per the framework defined and it will also analyse the reporting to those in charge of governance, such as the board of directors and audit committees.
Your Environment, Social & Governance Report will detail how well your organisation performs in the practice of understanding your impact and added value in three areas: environment, social and corporate governance. For Environment, we will analyse how well your organisation performs as a steward of nature, both your impact on the environment and how you manage environmental risks. This will include your direct operation and across your supply chain. For Social, we will analyse the strengths and weaknesses of how your organisation manages relationships with its employees, suppliers, customers, and the communities where it operates. For example, these criteria include working conditions, operations in conflict regions, health and safety, employee relations and diversity. For Governance, we will analyse your organisation’s leadership, audits, internal controls, and shareholder rights. This includes gender equity, equal pay, bribery and corruption, and board diversity.
Your Cyber Security Report will detail the performance of your people, policies, processes and technologies that your organisation employs to protect your IT assets from cyber threats. You will learn about cyber threats that you may not have considered yet. We will assess your practices of protecting systems, networks, and programs from digital attacks. This approach will demonstrate how multiple layers of protection spread across your computers, networks, programs, and data that is essential to keep your organisation safe and to create a unified defence against potential cyberattacks. We will discover whether your business, employees, processes, and technology are working seamlessly together.
Your Information Security Report will detail the performance of your practices for preventing unauthorised access, use, disclosure, disruption, modification, inspection, recording or destruction of your sensitive records. We assess how well-structured your sets of policies and procedural controls are to secure your informational assets against threats and vulnerabilities, both internal and external.
Your Governance Report will describe the effectiveness of your overall management approach through which your senior executives direct and control the entire organisation, using a combination of organisational information and hierarchical management control structures. It will ensure that critical management information reaching the executive team is sufficiently complete, accurate and timely to enable appropriate decision making, and provide the control mechanisms to ensure that strategies, directions and instructions from management are carried out systematically and effectively.
Your Compliance Report will detail how well your organisation performs within both the mandated boundaries and the voluntary boundaries of regulatory compliances. As your organisation must comply with various standards, laws and regulations to avoid the penalties that result from non-compliance. Your report will detail how well you are able to achieve this through management processes which identify the applicable requirements, assess the state of compliance, assess potential costs of non-compliance against the projected expenses to achieve compliance - and hence prioritise, fund and initiate any corrective actions deemed necessary.
Your Supply Chain Risk Report will help you identify and assess the risks to your organisation’s supply chain. We leverage global supply chain risk management strategies to help your enterprise manage the uncertainties caused by supply chain disruption. This report will also provide insights about your supplier risks and other risk factors caused by, or affecting, logistics-related activities, product availability or resources in the supply chain.
Your Business Continuity Report will detail how mature your organisation is to deal with potential threats of major failures. You will be able to gain an understanding and a clear starting point for what measures will constitute to prevent, mitigate and minimise the impact of interruptions to your critical operational processes and business activities. This report will allow you to understand the systems required to enable ongoing operations before, during and after a disaster.
Your Process & Practices Report will detail how effective and efficient your operational processes and management practices are when compared to international standards. We assess your organisation by conducting an operational analysis of your organisation to ensure your processes are aligned with your business activities. Your report will also detail recommendations for new processes and practices that will improve or replace current ones.
Your Market Research Report will uncover quantitative data such as economic drivers and market size, and qualitative research data like economic drivers, technology advances and psychographics to get a better understanding of the scope of your target market. Your report will also provide an analytical understanding of what your customers want, and what your competitors are doing to succeed.
Your Strategic Research Report will contain a complete strategic analysis of your organisation, so you will be able to plan and perform better with each passing year. Once your organisation has successfully completed the internal analysis, your organisation will know about external factors that can be a hindrance in their growth.
Your Industry Research Report will detail the changes that have occurred in your industry due the pandemic and a forecast of what the future shifts may look like. We will dive deep into an analysis of your competitors, their strengths and weaknesses, along with how they are managing their threats and where you can take first movers advantage on opportunities. Your report will detail the changes to product and service distributions which are driven by both consumer behaviours and economic drivers. Your report will also look at the regulatory changes that have occurred and what you can expect to come.
Your Strategic Plan will detail a series of goals and objectives of different kinds and on different levels. We will define what is important to achieve for your risk maturity and then set goals and objectives around them. The goals will typically focus on your organisation's company relations with stakeholders. Whilst your strategic objectives will continuously develop and evolve over several years. As the strategies will only work if they are implemented and executed appropriately, we will ensure practicable programs are therefore formulated and recommended. The strategic programs can be related to several elements, but they will all be centralised into one unified strategic plan.
Your Capability Gap Report will detail how your enterprise meets its business needs with the use of existing capabilities, this includes people, technology, structure and processes. The analysis we will conduct will document your organisation's current state, the future state and the gaps existing between the two. Your report will identify the need for additional capabilities, the need to rectify existing ones and to remove the redundant ones for optimum performance within your organisation.
Communication and discussion of risk is recognised as not only a process to provide information to senior management, but also a way to share risk information within and across operations of the company, and allow better insights and decision-making concerning risk at all levels.
Organisations that have conducted Risk Outlook remark that increasing the focus on risk at the senior levels results in more discussion of risk at all levels. Risk Outlook also permits a more complete viewpoint on risk. Traditional risk practices focus on mitigation, acceptance, or avoidance. However, effective Risk Outlook gives management a framework to evaluate risk as an opportunity to increase understanding and communication.
The resulting cultural shift allows risk to be considered more openly and breaks down silos with respect to how risk is managed. As risk discussions develop into a standard part of the overall strategic business processes, operational units often find that addressing risk in a more formal way help manage their part of the organisation as well.
One of the major values of Risk Outlook is improved, timeliness, conciseness, and flexibility of the risk data. This provides the data needed for informed decision-making capabilities within the executive and director levels, and in other layers of management. Risk Outlook helps management recognise and unlock synergies by aggregating and sharing all corporate risk data and factors and evaluating them in a consolidated format.
Effective governance is critical aspect of a successful business. It supports strategic management in delivery of the strategy, managing costs, attracting investment, making better decisions, and responding to risk. There has never been more focus on how organisations identify and manage risk. From regulators to investors to senior executive management, companies are under pressure to be able to clearly articulate how they identify the principal risk to their business and how they ensure these are being managed within their risk appetite. Clear risk perspective facilitates effective governance.
Flaws in Risk Outlook, from poor leadership and communication to general incompetence, have all been blamed for a variety of industry disasters. Risk Outlook helps to develop solid leadership attitude and perspective about risk. Which enhances the communication across the entire organisation. This helps to reduce the impact of a catastrophe should one occur.
Companies notice an increased emphasis on resilience and recovery related to everyday tasks as a result of strengthening their Risk Outlook. Employees apply concepts automatically, whenever they develop a new product or service, or they are quicker to adapt when a process goes askew. The concept starts to apply in everything they do, particularly if there’s robust management support.
Risk Outlook transitions risk management from “avoiding and hedging bets” to a differentiating skill for protecting and enhancing value as management seeks to make the best bets in the pursuit of new opportunities for growth and return. Risk Outlook is essentially creating an understanding on risk that is focused on how to perceive it individually and as an organisation.
Your Risk Outlook determines your company’s high-level direction, driving all internal decisions. Investment, hiring, development, etc. decisions will be made in accordance with corporate strategy. It enables cohesive planning and decision making throughout the organisation, advancing common objectives.
There is uncertainty about any opportunity an organisation will take. Each endeavour has an associated risk. That is where Risk Outlook plays a significant role. Organisations need to increase their risk-taking capability to cash in on opportunities. With a robust Risk Outlook, organisations can identify and analyse risks and decide which risk is worth taking.
Risk Outlook helps management overcome silo behaviour by aligning and integrating varying views of risk and enabling the organisation to successfully respond to a changing environment. Risk Outlook elevates risk management to a strategic level by broadening the application and focus of the risk management process to all functions creating a sustainable competitive advantage for the organisation.
Whilst traditional risk management focuses on supporting an organisation to achieve its objectives and plans, tackling emerging risks enables an organisation to build and maintain resilience to ensure that it will survive and even thrive in uncertain times. Resilience can enable the organisation to anticipate possible adverse scenarios or events, prepare for them, withstand or absorb their impacts, recover from the effects and adapt to the changing conditions. Allowing it to respond and adapt to opportunities and take prompt and informed decisions with confidence.
It’s time, in our view, for risk functions to step up their game. Business leaders should be putting emerging risks higher up the awareness and action spectrum. It’s no longer enough just to monitor and report; organisations need to be better prepared to take quick action while developing an internal culture that can better guard against the emerging risk. Effective risk management is not only about predicting what will happen, but it is about being prepared for when challenges arise.
Emerging risks are risks, and the usual risk management processes remain relevant. However, it is often impossible to quantify likelihoods and impacts with certainty for emerging risks. The ‘ambiguous’ characteristic of emerging risks and the lack of information available to understand the risk make it difficult to take decisions on a timely basis. Historically, many organisations have side-lined emerging risks into the ‘too difficult’ bucket because they tend to sit in the ‘low likelihood / high impact’ arena and fall beyond the short-term objectives that many organisations prioritise. If your senior management or Board are inexperienced in strategic planning or risk discussions, this can present an additional challenge. Added to this are the pressure on leadership time and the tendency to discuss only current issues as there is more information available.
Emerging risks may be difficult to manage as the assignment of risk ownership can be complex and unclear. What organisations can do is translate the vagueness of an emerging risk into an organisational risk that they are more familiar with, e.g. regulatory, strategic and operational risks. This makes it easier to take action to tackle the risk, as it means that responsibility for the emerging risk can be redistributed to appropriate levels and people within an organisation. In short, following through on preparing for emerging risks – not just identifying them – can make your organisation more resilient and confident in the face of an uncertain future and can allow charities to adapt and thrive.
Managing emerging risks is important for an organisation because its success determines its longevity. If an organisation fails to identify risks to its existence, it will be ill-prepared to face any risk events and that will impact its performance. Failure to manage emerging risks could be the undoing of an organisation's future.
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