Googan's consulting team worked with a company in the financial and banking sector to build an integrated strategy for assessing and managing risk. We do not name the company out of respect for confidentiality.
The challenge
The company's work is close to banking, and any unassessed risk could cost it money, reputation and client trust. It needed one method to identify risks in advance rather than reacting after they occur.
What Googan delivered
- Reviewed and revised the company's risk register, prioritised through field visits.
- Linked risks to the company's strategic plan and objectives.
- Prepared a risk management plan and a risk assessment model.
- Rated each risk's likelihood and impact on five levels and set its priority.
- Defined a treatment for each risk: transfer, accept, treat or terminate.
- Assigned responsibilities to staff, risk owners and managers.
The result
A single written framework covering six risk areas: financial, technical, fire, natural disasters, human and legal, with a named owner for every risk.
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