Case Study: Strengthening Risk Governance for a Leading Australian Women’s Fashion Brand

THE CHALLENGE

Our client is an ASX listed Australian women’s fashion retailer with a strong national presence and growing international sales. The company operates several well-known brands across both retail and online channels. Following rapid growth and evolving market conditions, the Board sought to strengthen its risk management governance to ensure it could confidently manage uncertainty while continuing to innovate and expand.

Despite a sound governance structure, the company faced challenges common to fast-growing listed organisations in the retail sector:

• No formalised risk appetite statement to guide decision-making and balance opportunity versus risk.
• An inconsistent approach to risk identification and control ownership across divisions.
• Growing exposure to supply chain, cyber security, ESG, modern slavery and reputational risks.
• A need to better align the Board’s oversight and executive risk management practices.

The leadership team recognised that as the company expanded, it needed a more mature, integrated risk management framework to support strategic growth and protect brand reputation.

OUR APPROACH

InConsult was engaged to design and implement a comprehensive risk management framework and strategy, tailored to the company’s size, structure, and strategic ambitions.

Our engagement included four key components:

1. Board Engagement and Risk Appetite Development

We facilitated a series of workshops with the Board and Audit & Risk Committee to clarify risk philosophy, governance responsibilities, and desired risk-taking behaviours.

Through this process, the Board articulated a clear and practical Risk Appetite Statement, defining the acceptable level of risk across key areas such as financial performance, brand reputation, compliance, innovation, and sustainability.

2. Framework and Policy Design

We developed a Risk Management Framework, Policy, and Strategy that aligned with ISO 31000 and ASX Corporate Governance Principles.

The framework clarified governance roles, integrated risk management into strategic and operational planning, and established a clear link between strategy, performance, and risk oversight.

3. Executive and Manager Engagement

Through a series of risk management training and targeted risk workshops with executives and senior managers, we identified the company’s key strategic and operational risks, as well as emerging risks such as ESG reporting, ethical sourcing, and e-commerce cybersecurity.

These workshops fostered shared ownership of risk and strengthened cross-functional collaboration.

4. Capability Building and Implementation Support

We worked closely with management to embed risk management processes, templates, and reporting tools that promote consistent risk assessment, monitoring, and escalation practices.

OUTCOMES & BENEFITS

As a result of this engagement:

• The Board has greater visibility over strategic and emerging risks and a clear understanding of the organisation’s risk appetite and tolerance levels.
• The executive team now applies a consistent framework when assessing new initiatives, supply chain arrangements, and growth opportunities.
• The organisation’s culture has shifted from risk avoidance to risk-informed decision-making, empowering leaders to take calculated risks in pursuit of growth.
• Risk registers, reporting processes, and assurance activities are now aligned, improving efficiency and Board confidence.

InConsult’s approach has helped transform risk management from a compliance exercise into a strategic enabler, giving the organisation the confidence to grow, adapt, and lead in an ever-changing retail landscape.

Would you like to know more about our risk management and assurance capabilities for ASX listed entities and high growth corporates? Contact us today.