In support of their fiduciary responsibilities, the board chair of a publicly traded pharmaceutical company commissioned a risk framework assessment to gain assurance and insights about their risk management capabilities. Through analysis of supporting documents and risk management products, as well as interviews of key stakeholders, an assessment was provided that combined current capability insights with recommendations to improve those capabilities, while complementing board and senior leadership priorities.
The board commissioned an independent study of the company’s risk inventory. After conducting interviews, analyzing key documents, and surveying industry-related business risks, nineteen enterprise-level risks were identified and presented to the board for consideration. Upon further analysis, the risks were prioritized and handling plans were put in place for the organization’s top 5 risks. In order to protect company and shareholder value, securing critical IP and implementing robust Business Continuity and Disaster Recovery Plans were prioritized as top-level risks to be addressed.
In seeking validation for their risk profile, a large Clinical Research Organization requested a focused risk identification and assessment project which spanned the business. The project involved interviewing senior leaders, Business Unit leaders, and mid-level management to better understand the challenges of the organization. In addition, Subject Matter Experts and external stakeholders were also surveyed. A comprehensive risk inventory was subsequently developed, and through a consultant-led assessment workshop with the C-suite and select board members, consensus was reached on the risks, their prioritization, and strategies to control them.