Common Risk Management Pain Points

Oftentimes, companies find themselves in a position where multiple risk management activities have been created in various departments, uniquely and separately over time. This can create a siloed approach to managing risks, where mutual benefits of risk management strategies may not be realized due to an inconsistent approach or a lack of awareness. No company is immune: from the smallest startups to multi-billion fully integrated life sciences companies, ineffective or missing internal controls, coupled with overall immature risk management practices, have caused both business failures as well as intense regulatory scrutiny and censure.

The most notable failures were often not because the issues weren’t known within the organization, but rather that they were not escalated in a way to enable a prompt and proportionate response. Root causes of this may include uncommon risk management approaches, structures, risk vernacular and/or pathways for managing risks. Escalation channels may also be inadequate for the tracking of open or unresolved issues.

Imagine a future where a single, routine way of working for reporting and analyzing risks, which focuses intently and appropriately on the areas of highest risk, is available to management for discussion and action. Its presentation is consistent across risks, and helps to rate risks from different disciplines using a common framework that allows for ready comparison of risk exposure. Resources can be shifted, and tough operational decisions can be made with more insight. A general awareness of the overall risk state suddenly becomes a new embedded way of working that is so informative, critical and impactful on operations that senior management may wonder why it was never there before. 

 

 

 

 

 

Testimonials

  • Clintrak - Jeffrey D. Coffin
    I have had the great pleasure to work with Bob for 5 years in his position of VP of Quality at Fisher Packaging Services while I acted as Director of Quality services at a sister…
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