We are delighted to announce our innovative approach to enterprise risk management (ERM) was recognised last night at the Risk Management Awards hosted by CIR Magazine.
Scooping the accolade of ‘ERM Strategy of the Year‘ the judges recognised both our guiding principles, which leverage the firm’s data analytics capability, and our pragmatic approach to problem solving as what stood us apart from the competition. In addition to this, our independence in working alongside the client team was recognised as a key differentiator.
Harshil Shah, Risk Management Consultant at Barnett Waddingham explains “Our independence allows us to access all parts of a client business in a way that many internal risk management teams struggle to. Having the ability to then engage with this wide variety of stakeholders, gaining their trust and confidence to enable us to embed a robust approach to ERM, one that delivers real value is something we’re immensely proud of.”
"This is great recognition for the fantastic work done by our business risk team in helping deliver real value to a business through enterprise risk management. Our blend of the analytical and data science skills that sit within our actuarial teams when combined with the commercial thinking of our ERM consultants allows us to deliver the business insight to affect change. This is underpinned by the core Barnet Waddingham approach - to do the right thing for our clients."
Working in partnership with our client, we implemented our innovative approach by acting as their co-sourced risk manager; using a flexible blend of senior ERM, junior risk coordinator and specialist data analytics and visualisation skills. Alongside senior stakeholders, the team developed a comprehensive risk management framework overseen by a Board Risk Committee with the risks owned and managed by an Executive Risk Committee, chaired by the CEO.
Whilst the broad approach we adopt is similar to most ERM frameworks, the key differentiating features are:
- Our interpretation of risk management which allows it to be used as a problem solving tool, helping to reduce the ‘tick box mind-set’ and addresses the common challenge of demonstrating value through ERM; and
- Our key guiding principles of proving it with data, taking a holistic approach and challenging the status quo when looking at the core areas of a business. This allows us to provide new insights and deliver real value to the business through risk management.
If you wish to find out more about the work of our Risk Advisory and Analytics team, please visit the following area of our website.