Business risk profiling
Identifying your risk profile is crucial to your strategy and managing risk
A risk profile guides your decision making, identifies risks and opportunities and enables you to prioritise and focus on your key risks. Risk profiling is the starting point for any successful risk and safety program, it informs your strategy and is most effective when co-designed with staff.
We help businesses identify and implement their risk profile
We facilitate interactive risk profile identification assessments, exercises and workshops. This is one of the simplest and best ways to engage staff, identify key risks and controls and establish focus areas to inform your strategy. We also have the capability to assist with your risk profile implementation planning and execution.
Why understanding your risk profile is the starting point for a successful risk strategy
Businesses that have a clear understanding of their risk profile are more likely to develop and implement a successful risk strategy. A risk profile guides your decision making, identifies risks and opportunities and enables you to prioritise and focus on what matters most.
Every business has to manage risk, this may be in the form of risk management for growth or financial return, talent acquisition or retention, reputation and brand protection or to meet legal and compliance requirements. Risk management is about informed decision making on the pursuit of opportunities and the management of risk exposures.
Running a risk profiling exercise provides businesses with a structure to:
- Identify known and emerging risks;
- Understand opportunities, vulnerabilities and risk exposures;
- Identify existing and future controls; and
- Establish strategic priorities that are informed by risk.
Risk profiling assists with prioritising key risks and demonstrating good governance
Business leaders are expected to be aware of known and emerging risks and have established mechanisms in place to manage risks. Risk areas vary between different businesses but typically include:
- Strategic
- Reputation
- People, Health and Safety
- Legal and Compliance
- Finance
- Operational
Given that every organisation has varying levels of risk awareness, risk appetite and capacity to manage risk,business risk profiling provides an important foundation for establishing priority focus areas in order to achieve a structured approach to risk management and improved governance practices.
Identifying risks at an organisational and departmental level
Business risk profiling should capture whole of organisation risk and departmental risks. This enables businesses to isolate key risks by department and identify consistent risk themes to inform the risk profile at an organisational level.
Running risk profiling at a department level also assists with building risk awareness, stakeholder engagement and the opportunity to co-design priority focus areas and risk controls.
We engage your workforce in risk management
We facilitate business risk profiling workshops and sessions in a way that engages your workforce to contribute insights, identify opportunities and shape the way risk is managed.
Engaging and including your workforce in the risk profiling process has many benefits but most importantly, they are given the opportunity to shape the systems, framework and priorities that are intended to serve them and the wider business. This level of inclusion and co-design builds awareness, capacity and ownership.
Our approach to business risk profiling
We deliver risk profiling workshops and sessions with business leaders, departments and workforce stakeholders. The process is simple and includes the following:
- Identify your needs and the scope of the risk profiling
- Identify key stakeholders and relevant departments
- Provide a risk profiling overview and pre-work to participants
- Deliver the risk profiling workshop / session(s)
- Develop a risk profile / risk register tools based on workshop / session outcomes
- Provide a progressive implementation plan
Outcomes of a risk profiling workshop
The relatively simple nature and effectiveness of a risk profiling workshop means that a number of consistent outcomes are typically achieved, these include:
- Risk areas are identified (organisational and departmental)
- Opportunities, vulnerabilities and risk exposures identified
- Existing controls identified and discussed
- Future controls identified and discussed
- Participants are engaged
- Risk profile / register created
- A basis for risk control plans and strategies is established
Leadership in risk, safety and management consulting
Simplifyrisk has worked with some of Australia’s most prominent organisations including the Australian Grand Prix Corporation, Netball Australia and the Australian Red Cross.
Our ability to simplify the complex, facilitate change and tailor our approach to our clients’ needs is what we are known for and the reason our clients continue to engage us.
Our staff are seasoned risk management, health and safety and management consulting professionals having worked across a wide range of business sectors for over 15 years.
Sector experience includes:
- Government
- Insurance
- Agribusiness
- Major events and sports
- Tourism and hospitality
- Marketing and entertainment
- Not-for-profit and community
- Telecommunications
- Assets and facilities
- Manufacturing
- Roads and infrastructure
- Construction
We pride ourselves on being flexible, affordable and timely in what we deliver.
Get in touch to arrange your business risk profiling session
Contact Simplify risk on 0417 895 215 or email ryankellen@simplifyrisk.com.au to discuss our services in more detail or to arrange a readiness exercise.
More information and testimonials
If you would like more information, please get in touch. If you would like to see what other organisations have to say about working with the Simplifyrisk team, refer to our testimonials page https://simplifyrisk.com.au/client-testimonials/
We look forward to improve your business with your Business risk profiling.