Risky business

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1. Risky Business? “Identification and assessment of risk associated with business transformation” Eileen Abbess, The Nichols Group 2. Workshop scope Identify…
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  • 1. Risky Business? “Identification and assessment of risk associated with business transformation” Eileen Abbess, The Nichols Group
  • 2. Workshop scope Identify Objectives Assess Plan mitigation Implement plan Monitor A risk management process … … and need to understand the context ie what is meant by business transformation
  • 3. What is business transformation? project programme people process technology systems tools benefits skills
  • 4. What is business transformation? For the purposes of this workshop: “ A programme of activity which transforms how a business operates” eg changes processes, provides new tools, changes peoples’ jobs
  • 5. Identification of risk associated with business transformation Identify Objectives Assess Plan mitigation Implement plan Monitor <ul><li>What are the objectives? </li></ul><ul><li>What could impact them? </li></ul><ul><li>What are common causes of failure in business transformation? </li></ul>
  • 6. Common causes of failure in business transformation Source: from John Kotter’s 8 step process in ‘Leading Change’
  • 7. Assessing business transformation risks Identify Objectives Assess Plan mitigation Implement plan Monitor
  • 8. Assessing ? likelihood ? impact ? frequency ? probability ? severity ? magnitude Score 1 2 3 4 5 5 6 7 8 9 10 4 5 6 7 8 9 3 4 5 6 7 8 2 3 4 5 6 7 1 2 3 4 5 6
  • 9. Risk management perspectives? Strategic Operational Project Change Other? Transformation
  • 10. Risk management perspectives Strategic Operational Project Transformation “ the enterprise”
  • 11. Enterprise risk management “… a process, effected by an entity’s board of directors, management and others … applied in strategy setting and across the enterprise … designed to identify potential events that may affect the entity … to provide reasonable assurance regarding the achievement of objectives …” COSO
  • 12. Risk assessment models Time Cost Quality Project Strategic Operational <ul><li>Our vision </li></ul><ul><li>Our mission </li></ul><ul><li>Our goals </li></ul><ul><li>eg </li></ul><ul><li>Safety Risk Model </li></ul><ul><li>Financial controls </li></ul><ul><li>Insurance </li></ul>
  • 13. Risk assessment perspectives
  • 14. A transformation risk dashboard (example)
  • 15. We have covered: <ul><li>What is business transformation </li></ul><ul><li>Common sources of risk and causes of failure around business transformation </li></ul><ul><li>Risk perspectives associated with business transformation </li></ul><ul><li>The importance of an enterprise wide system </li></ul><ul><li>How to bring the different transformation perspectives together </li></ul><ul><li>The concept of a business transformation risk dashboard </li></ul><ul><li>The value added by risk management to business transformation </li></ul>Thank you
  • 16. For further information: Eileen Abbess The Nichols Group 07976 147461 [email_address]
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