CASE #1:

A company specializing in utilities had a good grasp of risk management capabilities; however, risk profiles were not integrated and the organization did not understand the strategic implications of their risks through capabilities like link analysis and aggregation. As a result, risks were considered singular events, which cost the company time and money due to the inefficiencies. To solve these issues, a project was designed to consolidate disparate risk processes from across the organization into one cohesive and integrated process that rolled up to the enterprise level. Disparate homegrown tools—mainly Access databases, Excel spreadsheets, and PowerPoint charts—were disposed of in favor of an enterprise-wide risk management tool that fit the organization’s needs and requirements. As a result, the organization realized significant annual savings through process and tool reductions and could focus more strategically on meeting their objectives and goals.

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