Case Study: Building a Scalable Risk Management Framework for a Fast-Growing, Global E-commerce Platform
THE CHALLENGE
A rapidly growing private company in a global e-commerce/ eGift business recognised the need for more robust risk management practices. With a commitment to sustainable growth, strong cyber security controls in place and operational excellence, the company recognised the necessity of formalising its approach to enterprise wide risk management to support strategic initiatives, emerging risks and ensure long-term success.
As the company scaled up, it identified a capability gap and encountered challenges in identifying, assessing, and managing risks across its expanding operations. The absence of a clear risk appetite statement and a structured risk management framework led to a lack of clarity in risk ownership and accountability. The company sought expert assistance from InConsult to develop a comprehensive risk management framework that would align with best practices and support its fast growth trajectory.
OUR APPROACH
InConsult was engaged to assist the high-growth company in establishing a robust risk management framework. Our approach included:
- Development of a Risk Appetite Statement (RAS), Risk Management Policy and Strategy: We collaborated with the company’s founder, board leadership to create a risk management policy and strategy that aligned with AS ISO 31000:2018 Risk management – Guidelines, tailored to the company’s specific needs and growth objectives. The Risk Appetite Statement was designed to help management and the board make better decisions, considering the companies capabilities, environment and stakeholders. We included tolerances to reduce the grey areas in decision making.
- Executive Training: We provided targeted risk management training sessions for the executive team to enhance their understanding of risk management principles, their new framework, the RAS, and their roles in fostering a risk-aware culture.
- Strategic and Operational Risk Workshop: Facilitated a workshop with key stakeholders to identify and evaluate strategic and operational risks, ensuring that critical risks were recognised and appropriate controls were implemented.
OUTCOMES & BENEFITS
As a result of our engagement:
- The company has adopted a more comprehensive risk management framework, including a clear policy and strategy, enhancing its ability to proactively manage risks.
- Executive leadership now have greater confidence in identifying and addressing risks, leading to more informed decision-making, using their new RAS.
- A structured approach to risk management was embedded across the key areas, promoting consistency and accountability in risk-related activities.
- The company is now better positioned to navigate the complexities of its growth, with a solid foundation for managing risks effectively.
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This case study is drawn from a real-life engagement/project between InConsult and our client. While client details are not disclosed for commercial and confidentiality reasons, this case study is based on a real engagement and reflects genuine results and outcomes. Specific client references and project details can be shared with prospective clients during the proposal process.