Manufacturing company conducts global enterprise risk assessment to identify and prioritize top risks
Client need
Our client sought help in efficiently conducting a global enterprise risk assessment across its manufacturing business to assess the most significant enterprise risks that could impact the company’s ability to achieve long-term strategic and performance objectives. Their goal was to collaborate across regions to prioritize the top regional risks, and then aggregate the data for use with the global leadership team (GLT) in a final calibration and prioritization of the top risks facing the entire company.
Baker Tilly's solution-driven approach
Baker Tilly’s enterprise risk assessment (ERM) risk advisory professionals partnered with the global chief audit executive (CAE) to understand the project approach which best aligned with their requirements. The client was using a governance, risk and compliance (GRC) tool to conduct a risk assessment survey across mid-level directors in the business. This bottoms-up approach needed supplementing with input and validation of the risks from leadership.
Our ERM team members facilitated five regional leadership workshops across multiple time zones using Baker Tilly’s proprietary tool, RiskSynergy™, to gather real-time insights from stakeholders and process leaders, representing different key functional and business areas across the organization.
In each regional session, stakeholders prioritized the top regional risks and were encouraged to discuss the reasoning behind their selection. The ability to see live results during the workshops promoted substantive dialogue among the stakeholders regarding their regional and global risk landscape. The regional data was then aggregated and presented to the GLT for a similar session discussing the top global risks. The company’s enterprise risk profile was developed through a collaborative, consensus-driven approach, serving as the foundation for developing their enterprise risk response plans.
Results achieved
The client was able to complete several enterprise risk assessments spanning across multiple international regions. The consolidated results were then used in a GLT enterprise risk assessment, resulting in the enterprise risk profile.
- Use of RiskSynergy™ platform allowed for engagement completion in a matter of a weeks, virtually across multiple global locations
- Collaborative, consensus-driven development of the enterprise risk profile
- Created an actionable output for leadership to use in their continued risk management efforts