Risk management has become a key task for managers in every organisation.

Vizion 21 believe that risk is inherent in everything that we do and that risk management is simply a process that helps us to take better decisions. Risk taking is an essential part of business life and without it businesses would not evolve and create improved services or products. A businesses "appetite for risk" will vary considerably depending on their activities and the advantages that risk taking can bring to them.

The field of risk management covers all aspects of a business not just health & safety or finance. Vizion 21 will take time to understand your current business goals and strategies. Part of an effective risk management process is to carryout a SWOT assessment of your business to identify the strengths, weaknesses, opportunities and threats. Most businesses already do this type of assessment but often focus on only one area i.e. marketing or product development. Risk management is about assessing all the areas of your business and giving the senior management team a full picture of their business hazards and associated risk burdens.The outcome of a robust risk management process will be well informed managers who understand the hazards they are tackling and how to mitigate any potential harmful outcomes. This in turn can be the basis of a comprehensive business crisis/continuity management plan.

In public bodies such as the NHS, Local Authorities, Civil Service etc it is now a requirement that the consequences of policies or actions are identified and evaluated and robust Risk Management Strategies are formulated. These are often part of an overarching Governance Framework supported by a comprehensive corporate risk register.

Many companies also use tools such as the 6 SIGMA & ADKAR Model for process improvement as well as producing robust Business Continuity Plans all off which require risk management to be a key element of their success.

The failure to pay proper attention to the likelihood and consequences of risk can cause serious problems within all types of organisations. Financial cost, service disruption, bad publicity, threats to public health or claims for compensation are among the most obvious. The effective management of risk must therefore be a critical part of all major organisations in their approach to delivering governance duties.

Risk management is traditionally associated mainly with insurance or health and safety. However, a systematic assessment of risk needs to be undertaken when judging all policy and service delivery options available within the organisation. For example,

• what are the risks involved in adopting particular policies on restructuring the workforce?
• What are the consequences for staff and the organisation if things go wrong?
• What happens to key systems if you have overlooked virus checking/firewall software?
• What are the financial and political risks associated with particular investment decisions?

Vizion21 Ltd spent a number of years giving risk management advice to a range of public sector clients including NHS Trusts and Local Authorities.

Over this period we have developed a considerable amount of practical knowledge on the subject of risk management and have helped our clients to comply with their requirements to sign off their annual accounts and the associated Statements of Internal Control. We have helped clients to produce Risk Management Strategies and develop practical risk assessment policies. Vizion21 Ltd has supported its clients with training and on site support to facilitate the smooth roll out of risk management procedures across their organisations. We have assisted clients in the development of risk registers and have used this information to build assurance frameworks for governing Boards.

Benefits to the client

• Comply with numerous government duties and risk management schemes.
• Demonstrate to internal and external auditors a commitment to risk management.
• Are guided efficiently through the maze of health and safety legislation and requirements.
• Have a reliable means of assuring governing Boards that risk burdens are being effectively managed
• Reduce the number of reasonably foreseeable incidents which saves money and improves staff morale.
• Reduce costs associated with unnecessary litigation, compensation, complaints, damage to reputation and equipment damage.
• Involve all staff in the development of a ‘risk management culture’ with excellent team building side effects.
• Maintain and even reduce insurance premiums based on good safety performance.

Contact Information

If you require more information on Vizion 21 Ltd or any of its services please contact us by one of the routes to the right.