Experience has shown that two key issues exist within organisations that are preventing effective risk management from taking place:
- Boards often focus too often on financial risk exposure rather than recognising that when things go wrong in an organisation that reflect poor or a break down in operational control, whilst this may have a financial consequence focusing on where the key control risks are and gaining assurance that these things cannot happen provides greater certainty that financial issues will emerge, and
- Managers think that they manage risk effectively as a natural part of their role and feel that evidencing this in a formalised manner is onerous.
As a result we offered help to BPS Design to enhance an existing risk management solution to meet the needs of organisations at all levels. Our aim was to create an automated user friendly system that would align risk management with Board Assurance enabling directors to sign off on governance statements with confidence.
Hence RiskMate™ – a transparent link between corporate objectives and residual risk demonstrating that the organisation is operating within an established risk appetite. The system also includes wider benefits enhancing risk based internal audit planning and providing confidential reporting portals for both incident reporting and whistle-blowing.
Gateway Assure – providing risk consulting advice
We also work with Boards and Management teams in a facilitator role helping both to enhance Board understanding of risk aiming to agree a corporate risk appetite that can drive understanding of impact risk throughout the organisation. As well as working with risk managers and owners to identify and implement controls that ensure that business critical risks are appropriately identified leading to appropriate risk mitigation action.
Gateway can also provide a facilitated risk management service. Using the RiskMate™ software our consultants can facilitate monthly risk meetings with managers throughout the organisation, ensure risk management is effectively embedded and produce accurate and timely reports to Board and management teams regarding those things that really matter. A service that minimises your investment in administering an effective system but which maximises your benefit, rather than just viewing risk management as a tick in a box.