Operational risk can be defined as the failure of people, process and technology and as such can occur in any part of your business. The ultimate goal of any risk management programme is to minimise the impacts of known risks and proactively respond to emerging risks.
Effective operational risk management should be seen as a key enabler for your business to achieve its objectives. Far from acting as a brake on realising opportunities operational risk management should minimise potential issues that reduce your return on investment.
Scienexus has operational risk experts that span both public and private sector and across multiple industries. This broad but deep set of capabilities means the fusion of multiple best practices to create a solution that matches your unique needs.
Scienexus will work with you at all levels to enable your business goals to be achieved by implementing enterprise wide risk management solutions.
Scienexus capabilities cover:
· Risk Identification & Assessment – A detailed understanding of your business and objectives by Scienexus supports the development of your risk profile and prioritisation for targeted mitigation.
· Control design – Some would suggest that more control is better risk management but this can lead to over control masking the key sources of risk and can create process complexity. Expert analysis of your business outcomes and supporting activities allows the identification of key risks and the root causes that need to controlled. Scienexus can help design controls to address these root causes and ensure optimally positioning for maximum effect.
· Key Risk Indicators (KRIs) – Once the drivers and effects of risks are understood it’s essential to put in pre and post event alerts. These indicators if designed appropriately allow you to take pre-emptive or impact reduction actions reducing business loss. Scienexus can design or analyse your monitoring programme to ensure you have the early warning you need to reduce your risk exposure and potential impacts
· Risk Reviews – Scienexus can conduct a comprehensive risk review that validates current perceived risk with internal and external sources. Once a valid risk matrix is completed you are able to then identify future threats, model potential impacts and put in place pre-emptive risk reduction measures.
· Loss/Issue Root Cause analysis/investigation – When a loss or issue occurs it is important to address the root cause of the problem not just its symptoms. Without root cause analysis the remediation of the problem may not address what truly caused the loss or issue. If remediation does not address these root causes it then it is likely that the problem will reoccur. Scienexus can conduct analysis or more formal investigation to ensure the true causes of a loss or issue are identified and suggest appropriate sustainable remediation.
· Risk management activities that enable achievement or exceeding of business objectives
· Key & Emerging risks to business objectives identified and prioritised for action
· Monitoring programmes put in place that allow proactive responses
· Controls designed to ensure root causes are mitigated & optimally positioned
· Loss/issue analysis of root causes that results in sustainable remediation