Head of Risk Management in 7 billion multinational engineering group.
Over 500 locations in forty countries. Business Units had worked for many years with an insurance and audit approach to risk management.
- To cost-effectively monitor the performance of key risk management issues for operations world-wide and maintain appropriate due diligence.
- To benchmark performance.
- To support a move to substantial self-insurance.
- To support the Corporate Risk Management Department by developing a programme promoting ownership of risk in Business Units.
Solutions We Provided:
- Devised an Internet-based self-assessment process with separate modules, initially for Safety, Environment, Property Protection and Product Safety. These modules encapsulate company standards and minimum requirements for legislative compliance.
- For sites with no Internet or inconvenient computer access, hardcopy or diskette versions of the self-assessment questionnaires are available.
- To ensure the integrity of responses and to assist with due diligence, the self-assessment process is validated by independent sample audits.
- Programme design including questionnaires and supporting best practice guidance.
- Design an innovative technology for data collection and communication.
- The IT system provides reports to the various stakeholders - from Business Unit Managers to Product Chief Executives
- Supports the group policy of continuous improvement.
- Every location has access to current standards and guidelines. Performance by group, division and location can be viewed on-line or summaries downloaded whenever required.
- The Board and Executive Management have greater confidence in their due diligence efforts.
- Cost saving over conventional risk audit systems is in the order of 300,000 per annum.