Case Studies

Creating/ protecting value through risk management advisory services image

Creating/ protecting value through risk management advisory services

Prominence offers holistic risk management services, including enterprise risk management framework review and refresh and business continuity management maturity assessment and improvement. We are proud to work with organisations including the Queensland Curriculum and Assessment Authority, the Department of Tourism, Innovation and Sport, the Public Trustee of Australia, and the National Heavy Vehicle Regulator.

In providing our risk management services, we have previously conducted a wide range of activities as applicable to each organisation’s requirements, which have included:

  • the design and delivery of risk management training for managers and team leaders to enhance technical and cultural approaches to risk management
  • risk maturity assessments
  • building risk management practices and procedures aligned to the International Organisation for Standardization (ISO 31000:2018) risk management guidelines, internal risk policies, framework, guidelines and any existing tools/templates
  • the codesign of risk management practices and procedures with internal subject matter experts to ensure appropriate contextualisation and tailoring of content and deliverables
  • review and refresh of existing Enterprise Risk Management Frameworks to ensure that it is simpler, fit-for-purpose, understood and ‘bought into’ by key stakeholders across the department
  • reviews of current Risk Management Frameworks and associated policies and procedures and the subsequent implementation of strategies/ changes to develop more risk-tolerant cultures
  • internal capability development and knowledge transfer to ensure staff understand the principles of risk management, the Risk Management Framework (including policies, procedures, tools etc) and their associated roles and responsibilities
  • business continuity management maturity assessments, including current state assessments, where it ought to be and where it should be in the future
  • reviews of business continuity management (BCM) and business continuity plans (BCPs) to ensure the approach and requirements are fit-for-purpose
  • determining critical incident management (CIM) approaches, development of BCM maturity roadmaps and assisting with implementation
  • the development of BCPs that provide assurance the organisation can continue to operate at acceptable service levels while implementing an effective response to a disruptive incident, and at the same time be safeguarding operations, reputation, and interests
  • the development of BCMs that are scalable and adaptable to accommodate future growth and change.

Client feedback has attested to ongoing benefits they have achieved and observed. Feedback has noted the reinforcement of technical knowledge, greater executive understanding of how risk management creates and protects value, greater understanding of the importance of risk management for operational practices, behaviours and culture, the identification of action areas to implement and embed risk management, and the broader long-term achievement of improving the organisations’ risk management maturity and awareness. Our clients have continued to engage us to continue working with them, for example, in the provision of quarterly risk reports to the Board of Management and updates to the risk registers.