Improved risk assessment and reporting

A major European distribution company wanted to improve its risk management processes to strengthen its financial control. In addition, it felt that by enhancing the business risk indicators it would provide more accurate monitoring of its operation and improve business reporting.

• Zurich specialist consultants prepared and ran a focused risk workshop to consider the company’s risk profile in critical areas such as operations, strategic development, market competition, logistics, human resources and quality.
• The workshop involving senior staff from relevant departments covering legal, risk, operations, finance and personnel identified some 50 business scenarios. Zurich consultants worked with the team to identify those items with higher impact, as a result of which, 30 risks were then quantified.

Key success factors for the client were that:-

• The management team buy-in to the risk assessment and management was necessary and achieved
• Problem resolution was understood and owned by the relevant people
• Activities generating greatest risk or return to the business were identified and agreed as needing greatest commitment.