With growing uncertainty in the market, increasing regulatory requirements and shareholder expectations, Boards and senior leadership teams, need to pay more attention to risk and risk taking. Whilst we normally advise and make recommendations, we have developed a flexible model that positions us to deliver and implement effective risk management.
The team, comprising a risk co-ordinator (based on site) and an experienced risk leader, helped define a clear set of Board-level risks through facilitated workshops, training and discussions at both the executive leadership and the board-level risk committees. In a flexible manner, our team continues to:
Core to our approach is to integrate management information (key risk indicators) to support risk discussions. Many organisations struggle to extract insights from the vast data they hold, often failing to identify connections between data held in different areas of their business. Whilst it takes time to develop credible data to support risk, early risk management discussions with the client have resulted in an executive level decision to undertake an exploratory project to further analyse data, bridging two departments. The outcome of this project has the potential to influence the client’s distribution strategy and cost of sale, which is a principal risk to their business. As the outsourced Risk Manager, the our team was well placed to leverage established internal relationships, capability in data analytics and second-line independence to support the analysis and delivery of this project, and move the business forward.
“The Barnett Waddingham team have demonstrated the potential benefits of risk management. Flexibility is important for our business, and our management team looks for practical and commercial advice. The blended outsourced model was great for us as it allowed us to establish an enhanced risk management framework, with access to a senior risk management resource when required while having someone in the office learning the business and supporting us on the routine risk activities and any ad-hoc requirements as they arose. We also took comfort from the fact that we could call upon the specialised technical resources available at Barnett Waddingham to help drive additional value from our risk assessment exercises.”Group General Counsel & Company Secretary - FTSE250 Company
If the UK votes to leave the EU on 23 June it could have a significant impact on your business. What, if anything, should companies be doing ahead of the referendum?
Applying actuarial techniques to help clients build brand value and customer loyalty.
Decisions in the oil and gas industry – especially at the exploration stages are fraught with uncertainty. We are working with companies in this sector to optimise risk and returns in investment decision making using a range of quantitative techniques.