Enhanced Risk Management for Fast-Growing E-commerce Platform
InConsult helped a fast-growing global company design a robust risk management framework, deliver executive training, and embed a proactive risk culture.
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Risk taking is at the heart of growth, innovation and prosperity…successfully managing risk to balance risk and reward is the key.
What are the emerging risks? What are their consequences? Which risks are not currently well managed? What risks have not yet been identified? What risks can’t you absorb or tolerate?
More demanding stakeholders, increased regulation, potential financial or criminal penalties, corporate fraud and uncontrollable events all mean greater uncertainty about meeting future objectives.
In an increasingly complex business environment, the need for an organisation to understand and manage all its major risks is not only critical to achieving strategic goals but integral to good corporate governance.
Developing, implementing and maintaining an appropriate Enterprise-wide Risk Management (ERM) framework requires a sound understanding of the organisation, the business environment and the principles of risk management.
ISO 31000 defines risk management as “coordinated activities to direct and control an organization with regard to risk”. Recognising and managing risk is a crucial part of the role of the board and management. A balanced approach to risk taking is fundamental to sound corporate governance and helps organisations achieve their desired goals, which can range from delivering profits to shareholders to delivering quality services to customers and the community. Confidently taking risks within the defined boundaries and risk appetite should be a key capability of the Board and managers.
The risk management framework must be specific to the organisation and contextualised to its internal and external environment. The framework should be well designed, implemented and periodically evaluated to ensure continuous improvement. The framework should also define the various activities, processes and responsibilities for the management of risks across the organisation.
The risk management process provides a consistent and structured approach for establishing context, risk assessment and risk treatment along with ongoing monitoring, review, communication and consultation. A good process should be integrated into every day business processes to ensure that risks are considered when making important decisions.
For Risk Management, our consulting approach and methodology considers better practice guidelines and standards relevant to the organisation including:
In addition, we also consider industry specific compliance requirements relating to risk management. For example, for the Australian Prudential Regulation Authority (APRA) regulated financial institutions, we ensure compliance with the designated risk management Prudential Standards and Guidelines:
We help an organisation take the first steps towards implementing a formal and proactive enterprise-wide risk management framework using Risk Management Standard AS/NZS ISO 31000:2018 and industry specific best practice risk management principles.
An independent and holistic review of an organisations risk management framework against best practice standards, applicable regulations and maturity models to provide stakeholders with peace of mind as to the effectiveness and efficiency of your risk management framework.
A Virtual Risk Officer is an experienced risk professional who is available to help you make more informed strategic and tactical decisions that involve risk and uncertainty. We have 4 Virtual Risk Officer options to choose from. The level of support is determined by you.
Transform your risk management to best practice. Supports today’s risk professional by providing both routine and non-routine support and mentoring to help take risk management to the next level of maturity and best practice.
Support the project team to improve risk assessments so that the venture will be delivered within the constraints of time, cost and resources and to the required standard.
An excellent way to introduce and/or reinforce the basic concepts of risk management to staff, management and the board to improve people’s skills and confidence.
We conduct a wide range of comprehensive risk assessments to help you navigate the complex landscape of uncertainties with confidence. Risk assessments include strategic risks, operational risks, liability risks, financial risks and more.
We understand that understanding, defining and enhancing your risk appetite is integral to effective risk management. Through a collaborative process, we can design a Risk Appetite Statement that helps you make more informed decisions.
With more organisations outsourcing important activities, systems and functions, there is an increase in risk. How well do you understand these risks, how well do you manage them and do you have contingencies in place?
Proactive risk management is an integral part of good corporate governance. A widely cited 2004 study by Institutional Investor Services, concluded that firms with good corporate governance were more profitable, had higher stock market returns and dividend payouts, and less risky investments than those with weak governance structures.
Read our case studies to see the benefits of risk management in practice.
InConsult helped a fast-growing global company design a robust risk management framework, deliver executive training, and embed a proactive risk culture.
InConsult helped a NSW Government agency strengthen fraud and corruption awareness, assess key risks, and improve internal controls across all directorates.
InConsult helped a NSW Council transform its risk framework, culture, and capabilities to exceed NSW OLG guidelines and strengthen governance.
InConsult reviewed an international insurer’s CPS 230 project, providing a gap analysis and roadmap to full APRA compliance and stronger resilience.
InConsult helped an underwriting agency secure its APRA licence by developing risk, reinsurance, and capital management frameworks — now a licensed insurer in Australia.
InConsult helped a leading professional services industry body enhance risk reporting, refine risk categorisation, and strengthen governance oversight.
How InConsult helped a leading ASX-listed women’s fashion brand strengthen governance through a new risk management framework, policy, and strategy.
GuardianERM.net delivers revitalised, robust and centralised risk management information
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