As detailed in our last sustainability report, we have identified the need to formalise an improved risk management culture in the business. We are striving for an effective framework that is intimately linked to our business strategy, the rhythm of the business operations, the behaviours of individuals and ultimately our performance.
A dedicated risk management committee was established late in 11/12 and with the assistance of Ernst and Young expertise we are building a new risk management framework, including recommendations for specific structural roles and responsibilities. This work is informed by the significant recent progress made in defining a strategic roadmap for the business, Project Shakespeare enterprise architecture mapping and the establishment of a robust enterprise-wide project management office.
We continue to work on improving our governance structures and while recognising there is much work to do in this area, we have begun to map out project timetables that will include significant work across a number of topics:
- The creation and implementation of an improved deal governance structure across the sales process.
- Improvement of the process used to create business cases, including robust commercials.
- Creation of a post implementation review process to ensure expected return on investment, and to mitigate where necessary if expected goals are not reached.
Ultimately our risk management and overall sustainability materiality review process should seek to inform each other to deliver better decision-making and planning for the company. While 18 enterprise risks have already been identified, prioritised and allocated to the executive team for ownership and attention, we see the annual materiality review process as an opportunity to amplify the range of potential issues for consideration in an overall risk register.