In today’s world of increasing risk complexity, organisations must navigate not only operational risks but also the risk of missing key opportunities. And this was the challenge faced by our client, a leading consumer healthcare company.
Looking to strengthen their risk management approach, they turned to our US team for support. Their goal? To benchmark their risk register against competitors, identify gaps and emerging risks and develop tailored mitigation strategies for each risk owner.
Leveraging AI to deliver actionable insights
Proactively identifying, categorising and prioritising risks and opportunities across an organisation requires significant time and resources.
To streamline this process, our US team utilised RiskScan™ artificial intelligence (AI) technology to analyse publicly available competitor documentation and create a comprehensive industry risk universe that could be directly compared to the client’s existing risk profile.
Through this analysis, we identified missing risks and provided detailed context for each, helping the client refine their risk profile with a broader, more informed perspective.
Once the client reviewed and approved the findings, our team integrated their root causes, impacts and additional risk details into our analysis engine. This enabled us to pinpoint targeted mitigation strategies that risk owners could implement to reduce exposure effectively.
To ensure strategic execution, each mitigation was mapped onto a two-year implementation timeline, with optimised timing to maximise efficiency.
This approach helped align mitigation activities and resource allocation, ensuring the client achieved the best possible return on investment while strengthening their risk management strategy.
Uncovering and addressing hidden risks
Our external risk analysis uncovered more than ten unique risks missing from the client’s original risk profile. Alongside this, we provided a competitor risk overview, ensuring the client’s risk management approach was comprehensive and aligned with industry standards.
This analysis gave the client confidence that they were addressing the full spectrum of risks relevant to their market. It also provided a detailed inventory of root causes, impacts and risk relationships, enabling a thorough comparison against existing documentation to account for all key risk factors.
To strengthen their risk management strategy, our mitigation analysis identified at least five tailored mitigation strategies for each risk in the updated register. We also highlighted critical dependencies and efficiency opportunities, allowing the client to prioritise actions that addressed multiple risks while making the best use of available resources.
Each mitigation strategy was mapped onto a two-year implementation timeline, broken down by month, with clear steps and timing for execution. This roadmap equipped the client with the insights needed to engage risk owners and kick-start mitigation planning for the year ahead.
Additionally, our mitigation mapping identified synergy opportunities, enabling the client to streamline efforts by implementing actions that tackled multiple risks at once — saving time, optimising resources and strengthening their overall enterprise risk management.
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