Enterprise Risk Management Workshops
Notwithoutrisk Consulting undertakes a combination of desktop research, 1:1 interviews, the 52 Risks® survey tool, and a workshop to review and assess key business risks. We would look to identify key operational, financial, regulatory and compliance, and any other sector-specific non-financial risks.
- Pre-ResearchBefore engaging in any primary data collection, pre-research is done by our experts to assess the inherent and residual risks of action specific to a business and its industry. This research helps us flag specific risk areas to be probed further in 1-on-1 interviews. It also guides the construction of a 52Risks® survey adapted to the unique risks a business may face.
- 1-on-1 Interviews1-on-1 interviews are conducted with board members and executives to gauge the internal understanding and prioritisation of key risk areas. This step also enables immaterial business risks to be filtered out.
- 52 Risks® Survey ToolPrior to any board or management workshops being conducted, the pre-workshop survey is issued to all workshop participants. The survey based on the 52 Risks® framework, asks workshop participants to rate business risks on a 5-point scale. Each question has a comments box and workshop participants are asked to provide supporting comments for their responses. The workshop is then based on both quantitative and qualitative results from the survey and interview step.
- WorkshopDuring the roughly 3-hour workshop, an infographic summary of the 1:1 interviews and survey data is presented to facilitate the workshop discussions. The workshop participants are asked to discuss each risk and agree on any action plans or initiatives for each risk. The following diagrams and infographics are examples of the materials presented and discussed.
- OutputsThe output of the workshop will comprise a list of risks identified and discussed, including specific action plans and controls to be actively maintained or implemented.
- Further ConsiderationsFor an additional fee, Notwithoutrisk Consulting also would be able to prepare a board report detailing your enterprise risks. This report would be a consolidated view of the risks documented in your company’s existing risk registers and the outputs of the Enterprise Risk Workshop. It would also feature a more in-depth analysis of the relationships between risk areas and controls that can be implemented to manage them.