Risk goes beyond the traditional financial and insurable risk into areas that many organisations have not fully explored including information, health and safety, and environmental risks. We help organisations to adopt a holistic approach that encompasses people, process, technology and culture, embedding risk as part of the strategic plan, which enables our clients to identify multi-dimensional risks that may impact achieving their objectives. We take a proactive approach where managing risk isn't just a compliance exercise – it's about identifying opportunities that create value as much as it is about avoiding threats.
Velrada's risk management framework is designed to relate risks back to the strategic and operational objectives of an organisation. We work with all levels of an organisation to understand their critical risks and appetite for risk; re-aligning processes and designing a structure to support enterprise risk management through an effective information-centric risk management methodology. We help our clients embed their risk processes and behaviours into 'business as usual' activities to support an effective risk management culture through:
Group Risk Frameworks.
Project Risk Assessments, Assurance and Reviews.
Velrada worked closely with the leadership team and engaged with the senior stakeholders across the organisation to review the existing ERM framework and governance in the context of PACED Enterprise risk management principles and ISO 31000.
Risk & Assurance Plans and Reviews.
Risk Management Dashboards & Automation Solutions.
Whilst many of our project engagements involve a significant component of risk review, analysis and ongoing mitigation, the following examples of our project experience relate to engagements where risk has been the main aspect of the work undertaken.
Risk compliance assessment and recommendations for operational improvement
Velrada was engaged to conduct a high-level assessment into a major business unit's risk management function (business controls) to understand the level of compliance with a range of policies and procedures. There was a specific focus on compliance with the material risk control assessment and the business controls function, including the identification of operational improvement opportunities. Through an approach of targeted document reviews, interviews with key personnel and application of our own extensive risk management experience, we were able to build a detailed understanding of the risk management function for our client.
Technical risk and impact analysis
Our client's mining operations were going to be impacted by the constraints imposed by the Square Kilometre Array (SKA) radio telescope and the associated Radio Quiet Zone (RQZ) in North Western Australia. Through a series of managed workshops and interviews with all key stakeholders, we were able to identify all areas of mine construction and operation with a need for data and communications solutions and determine which of these solutions would be potentially detrimental to the activities of the SKA. Velrada technical consulting resources were tasked with determining what steps could be taken to mitigate the exposure, and were also able to suggest innovative systems, solutions and methods that would achieve the business' aims, without causing harmful interference to radio astronomy users.
Enterprise Risk Management (ERM) framework review and implementation
Velrada worked closely with the leadership team and engaged with the senior stakeholders across the organisation to review the existing ERM framework and governance. The current state ERM framework and supporting governance was clearly documented and assessed against PACED ERM principles and ISO 31000. A gap analysis between the current state and fit-for-purpose ERM framework was presented to the client. Velrada established that the core elements of the ERM framework were in place and adequate but needed to be brought to life throughout the organisation with the support of leadership team.
ERM framework implementation shifts organisation from compliance focus to proactive risk management
Our client traditionally put great emphasis on health and safety and regulatory compliance, however recent changes in the competitive landscape forced them to reconsider this approach and as a consequence the existing ERM framework needed to facilitate a more proactive approach. The leadership team engaged Velrada to assist with the development of a risk plan to improve ERM framework fit for purpose, embed risk culture and improve governance and control. The plan detailed the steps for effectively embedding desired behaviours and risk culture in the organisation, and to ensure the senior executive team's long-term buy-in, an ERM training course was developed for the leadership team and rolled out to all senior management.