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Risk Management Benefits and Success Measures

Benefits

Enhances reputation
More innovation
Better strategic awareness
More consistent approach
Focus more on the big picture
Enforces ownership
Less adverse media coverage
Influence change
Help change culture
More informed decisions
Greater comfort to senior mgt
Facilitates better business planning
Facilitates sensitivity analysis
Encourages thinking out of the box
Better corporate awareness
Better information transfer
Better info for Chief Exec
Enforces risk ownership
Spot the banana skins
Avoid embarrassing systems failures
Enhances understanding of vulnerabilities
Increase chances of objectives being achieved
Identify the key risks and opportunities
Formal documentation of risks
Managing financial risk better
Share knowledge of controls
Identify gaps
Challenge processes
Challenge the status quo
Understand others roles better
Framework to take calculated risks
More satisfied staff
Encourages people to think
More effective use of resources
Improve accountability
Enhance communication
Break down silos
More informed decision-making
More proactive outlook
More confidence
Breeds more openness
Forces prioritisation of resource usage
Improve employee motivation
Manage complaints better
Learn from mistakes
Break down barriers
Better coordination
Reduce duplication
Reduce scrutiny
Best value compliance
Tick in the box
Helps IA profile
Compliance with governance agenda
Improved probity
Enhance asset protection
Regular review and monitoring
Demonstrate delivery to external bodies
Potential lighter touch from external regime
Enhanced assurance
Improve service delivery
Better project planning
Less Bureaucracy
Reduce surprises
Release funding to front line services
Better Business Continuity planning
Minimise assurance costs

 

Success Measures

Tighter - less waste
Savings - insurance
Reduce claims and other costs
Reduce external audit costs
Projects delivered to time to cost
Reduce complaints
Reduce staff turnover
Less absenteeism
Fewer rethought decisions
Backing more winners - contracts etc
Reduction in cost of risk - claims
Reduction in stress
More upper quartile delivery
Annual audit letter positive
Better contract prices etc
Better satisfaction surveys
Fewer adverse press articles
Fewer IA recommendations
Fewer regulatory visits
Risk register kept up to date
Reduction in legal challenges
Increased % of Objectives achieved
Corp governance statement better substantiated
Better league table position
Reduction in cost of risk - uninsured losses claims etc
Reduction in proven complaints - press/ ombudsman
Increased funding
Reduction in absenteeism etc
Reduction in fraud
Reduction in risk matrix score
Corporate policies enhanced
Less disasters and surprises
Cost reduction in contingency funds
Reduction in over managed controls
Positive feedback by ext agencies
Adding value cross service areas
Higher public satisfaction
Extra funding re partnerships
Favourable external inspection reports
Corp Gov compliance demonstrated
Risk reduction for critical risks
Consistent risk assessment methodology
Best value target delivery
Better member accountability
Better income generation
Better project management

Launch Memo

Risk Management Proposal

Facilitation