Providing business critical risk assessment to the board and executive teams

A client listed on the Australian Stock Exchange sought a thorough assessment of their key business risks, requesting a formal report to be presented to their board as a vital component of their governance protocol. Our Risk Management team was engaged to support with the process. By leveraging our seasoned and measured insights, we aimed to offer the Board distinct perspectives on their business risks, contributing to a comprehensive and informed decision-making process.

Our engagement started through close collaboration with the CEO and the Executive Team, focusing on gaining insights into their five-year strategic vision. To achieve this, a series of one-on-one interviews were conducted with members of the board and leadership team across multiple departments, facilitating a comprehensive understanding of diverse perspectives on business risks.

Simultaneously, the GHD Advisory team identified risks by reviewing business plans and growth strategies, aiming to pinpoint potential challenges arising from macro changes in the client's market. The culmination of insights from interviews and the desktop review process was meticulously documented in a pre-populated risk register. This register served as the foundational document for a detailed analysis of the organisation's critical business risks, ensuring a robust framework for informed decision-making.

Following the review of the pre-populated risk register, a focused workshop was conducted to assess the findings, identify any potential omissions, and provide attendees with a comprehensive understanding of business risks emanating from different facets of their operations. The workshop's outcomes were consolidated into a final business risk register and a formal report prepared for the board.

This report encapsulated concise insights derived from discussions with all stakeholders, offering a prioritised overview of where the board should concentrate their efforts to foster business growth and fortify against external risks. Leveraging our expertise in delivering risk management services, the GHD Advisory team crafted a prioritised list of recommendations for the board to consider in their business investments, strategically addressing potential mitigations.

Our team's efforts delivered valuable independent risk consulting and advice, positioning the risk register report as a pivotal reference for the client in crafting their annual business plan and refining their corporate strategy.

GHD Advisory’s ability to concisely summarise key focus areas and recommendations for the Board resulted in an improved understanding of various departments and informed investment decisions using a risk-based approach. This proactive approach not only minimises risks over the long-term but also positions the business to be more preemptive in addressing potential undesired events, contrasting with a reactive response to consequences associated with their business risks.

Based on our performance and the value we added to their risk management processes, the client extended an invitation for the team to return and contribute the following year. The continued request for assistance in reviewing and updating the risk assessment serves as a resounding testament to the client’s confidence and satisfaction with our strategic contributions.