Challenge

A decentralized management style and planning structure had served a manufacturing and distribution organization well for years. However, the leadership team knew something needed to change when cost increases, decreased sales and competing distribution channels began putting pressure on margins and resources.

The management team wasn’t sure where to begin.

Solution

Hylant Business Risk Consulting was engaged to help the company develop an enterprise risk management framework for identifying key business risks, aligning strategies and prioritizing resource allocation.

The collaborative process began by identifying and prioritizing critical risks relevant to the company’s holistic business objectives. Hylant surveyed and interviewed key leadership personnel from across the company’s footprint to identify financial, strategic, hazard and operational risks and rate their potential impact on the organization's ability to grow successfully.

After working through the data and gaining consensus on the top strategic priorities and related risks, Hylant worked with the company’s executive leaders to evaluate risk controls, identify gaps and prioritize process improvements. Each critical risk was assigned an owner to oversee mitigation efforts and report regularly on progress.

However, business isn’t conducted in a vacuum. New risks can emerge at any time.

To ensure continued strategic alignment, Hylant worked with company leaders to develop a high-level approach for identifying, tracking, classifying, quantifying and prioritizing risks, resources and mitigation efforts.

The aligned leadership team now has a plan and a process to help it make timely decisions, take effective risk management actions and properly allocate resources that support its strategic goals.

Good brokers will do more than talk about insurance policies. They will help you gain business insights that support efficient and effective management of your complex business risks.