Risk Strategy
Developing a risk strategy and business continuity plan for an Asia-based direct sourcing organisation.
Challenge
Asked to develop a risk strategy and business continuity plan for an Asia-based direct sourcing organisation. The company was struggling to do this with its existing UK-centric board and senior team and felt that whilst the senior sourcing executives could contribute to the plan, they were not sufficiently experienced in identifying levels of risk and planning out-comes to mitigate such risks.
Solution
The collective YourBoard experience for risk management is extremely strong, so we were able to propose key risk management tools to conduct a clear risk analysis and help the Board identify and structure various mitigation strategies based on the type and levels of risks.
Outcome
A risk register was set up, outlining the types of risk that exist, their level and the likelihood of risk direction (higher, lower or existing), and mitigation strategies created. Further work was required, so we recommended that a YourBoard partner joined the Board as a NED to set up and lead a risk management committee to oversee all aspects of the company’s risk management – this was agreed and implemented.
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