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Successful risk management as the key to business transformation
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Risky business
- 1. Risky Business? “Identification and assessment of risk associated with business transformation” Eileen Abbess, The Nichols Group
- 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. What is business transformation? project programme people process technology systems tools benefits skills
- 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
- 6. Common causes of failure in business transformation Source: from John Kotter’s 8 step process in ‘Leading Change’
- 7. Assessing business transformation risks Identify Objectives Assess Plan mitigation Implement plan Monitor
- 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. Risk management perspectives? Strategic Operational Project Change Other? Transformation
- 10. Risk management perspectives Strategic Operational Project Transformation “ the enterprise”
- 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
- 14. A transformation risk dashboard (example)
- 16. For further information: Eileen Abbess The Nichols Group 07976 147461 [email_address]
Editor's Notes
- 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