Embedded risk management

The chairman and CEO of a large European pharmaceutical company wanted to introduce a culture which took into account enterprise risk in the planning and implementation of business decisions. Zurich consultants have worked with the company and successfully applied the Total Risk Profiling (TRP) approach across all divisions of the business to the extent that the company is now building the process into the strategic planning cycle. Further benefits have been recognised at the corporate level where the consolidation and tracking of risks has led to a better-informed and more focussed approach to prioritisation and mitigation. The approach has succeeded in:

• Improving understanding and management of strategic business risks at divisional level, in the context of their associated reward potentials.
• Collecting divisional enterprise risk information in a common format for consolidation of risk analysis results at Group level.
• Embedding a consistent approach to risk management throughout the group.
• Meeting investor expectations regarding standards of corporate governance.