We provide a range of specialist risk management services in order to assist you in identifying, evaluating, reducing, and treating your accidental, operational, financial and strategic risks. Through our extensive experience on the field, in a variety of industries, we provide tested, realistic and cost effective solutions.
Our risk consultancy services include but are not limited to:
Enterprise Risk Management is an important part of planning for businesses. The process of risk management is designed to reduce or eliminate the risk of certain kinds of events happening or having an impact on the business. ERM is a process for identifying, assessing, prioritizing and mitigating risks of different kinds. ERM is helping businesses not only to avoid pitfalls but also to identify and capture opportunities (the up-side of risk). Some common risks include things like accidents in the workplace or fires, floods, earthquakes, and other natural disasters. It can also include legal risks like fraud, theft, and sexual harassment lawsuits. Risks can also relate to business practices, uncertainty in financial markets, failures in projects, credit risks, or the security and storage of data and records.
The idea behind using ERM practices is to protect businesses from being vulnerable. Many business risk management plans may focus on keeping the company viable and reducing financial risks. However, risk management is also designed to protect the employees, customers, and general public from negative events, like fires or acts of terrorism, that may affect them. Risk management practices are also about preserving the physical facilities, data, records and all other physical assets a company owns or uses.
Having an Enterprise-wide Risk Management plan is an important part of maintaining a successful and responsible company. Every company should have one. However, when it comes to ERM there is no one-size-fits-all solution. An ERM plan should be:
– Proportionate, to the level of risks the company faces
– Aligned, with business objectives
– Comprehensive, to cover all aspects of the company’s activities
– Embedded, across all levels of the organization, and
– Dynamic, in order to be responsive to changes
At a Glance
The insurance company will pay for the burned down plant. But how will the business survive, if in the meantime has lost customers, key-personnel, trust of shareholders / owners / banks and other capital providers, as well as its good reputation. Disasters we can not prevent them from happening. All we can do is to be promptly and appropriately prepared.
Business Continuity
Disasters happen all the time, either from natural causes or human intervention, and there isn’t much we can do to stop them. We live in complex and dangerous times. Global economy has created a more interconnected, interdependent and complex world than ever witnessed before.
Dependencies are infinite and often so subtle as to be completely invisible. The stable and as predictable as possible operating environment that is required by every organization in order to be effective and successful is a thing of the past. All we can do is to be prepared. Business Continuity Plans ensure uninterrupted continuation of operational activity under all foreseeable conditions, especially during times when disastrous events causing major technical and other problems that threaten to suddenly discontinue the operation, can strike without warning.
Insurance Is Not Enough
Competition is lurking. Once the business is off the market, customers will be lost, the dealer network will be shaken, and key executives will leave. Shareholders, owners, banks and other capital providers will most certainly have second thoughts about management’s capacity to maintain the functionality and performance of the organization. Even if Business Interruption insurance is in effect, to ensure that company earnings should be rolled back to a state of the same results that would have been reported had no loss occurred, it’s not a fix-all solution. Ground lost to the competition will be hard to recapture, if ever. While goodwill and reputation will take years to repair, most probably under a new management.
Statistics are relentless, following a devastating loss, organizations with no Business Continuity Plan in place:
Source: BCI – www.london.gov.uk
Endurance in Crisis
Every organization regardless of size can be exposed to:
For businesses with no provision for Business Continuity, a dangerous incident could evolve into a crisis. A crisis can become a disaster. A disaster can mean the end of the business.
Planning to Be Prepared
Organizations being prudent about Business Continuity, prepare action plans. Analyse their critical operations and know their priorities. Identify functions absolutely necessary and others that may be suspended for a small, but specific, time period. Ensure the protection of the business and its stakeholders. They take care to protect their reputation. They put their plans to experimental implementation in order to determine their effectiveness. Inform each employee about their role if an incident occurs. In order to restore the smooth running of the business in the shortest possible time. And they continue their steadfast course.
The Time of Crisis
When crisis strikes it is not the time for knee-jerk reactions and spur of the moment improvisations. It is time for implementation of the plan and determination. For those who consider they should be promptly prepared. The time is now.
Who Do You Need To Help You Build Your BCP
Of course you need people in the business who “know their job”. Most of all, you need someone who cares about your own business, at least as much as you and even more. Perhaps you don’t want some ‘small fry’ because they may not be up to your standards. Nor some ‘big guys’ because then maybe you will be the ‘small fry’.
We Believe That You Need Us
Yet, what matters is what you believe. So, let’s talk, and find out for yourself about our in-depth knowledge and experience, and above all, our interest in doing business with you.
Planning Ahead
After a devastating loss the first concern is not the collection of insurance claim, it’s restricting the effects of the accident, minimize downtime and avoid potential collateral damage. A well-thought-out Disaster Recovery Plan – DRP – provides details of steps and procedures to resume normal operation the soonest possible.
Restoring Operations
When a loss occurs, the prevailing perception is that the insurance will indemnify and everything will go their way. Insurance will pay, indeed, according to the contract. However, under the circumstances, of prime concern is how to restore normal operation as soon as possible for maximum efficiency at the lowest cost. How to limit the extent of the loss, reduce downtime, avoid potential collateral damage -specifically, mitigate the consequences of the catastrophic event. Therefore, the need for a DR Plan; well thought through, vigorously tested, possibly revised, continuously updated, that will be implemented immediately once a disruptive incident strikes.
Disaster Recovery vs. Business Continuity
Business Continuity and Disaster Recovery, are closely related practices that describe an organization’s preparation for unforeseen risks to continued operations. In general, disaster recovery refers to specific steps taken to resume operations in the aftermath of a catastrophic natural disaster or national emergency. Business continuity describes the processes and procedures an organization must put in place to ensure that mission-critical functions can continue during and after a disaster. Business continuity, however, also addresses more comprehensive planning that focuses on long term or chronic challenges to organizational success. Disaster recovery is the process by which you resume business after a disruptive event.
Disaster Recovery Plan
Every time executive management teams come across this topic, they ask the same question: “How do we write an effective DRP that is adequate and complete yet not overkill?” There is no one correct answer to the question, because the development of a complete and adequate DRP is largely dependent on the industry the organization serves, the type and complexity of organization, and the number of locations and employees, among other factors.
The details can vary greatly, depending on the size and scope of a company and the way it operates. For some businesses, issues such as supply chain logistics are most crucial and are the focus of the plan. For others where information technology plays a more pivotal role, the DR plan focuses on systems recovery. The critical point is that a good plan prioritizes risks. Plans that address continuity from a physical, IT, and human resource standpoint cannot be developed in isolation from each other.
DRP – The Role of Specialists
The development of a DRP is often considered to be as simple as setting procedures for restoring computer data from backups, and so easy to put together by filling in forms and following ‘how to’ guides on the Internet. And it is delegated to persons who are simply willing to take over.
However – in reality – things are not so simple. Both breadth and depth of expertise are required, as well as specialized knowledge of the specific line of business of the particular enterprise, together with critical thinking concerning long-term developments, risk analysis and priority setting.
It is the role of the specialist risk manager to suggest the objectively optimal methods and procedures, in order to effectively address the most potentially critical risks, at the lowest possible cost to the company.
With care and interest. Not just by filling out a form.
The Time of Crisis
When crisis strikes it is not the time for knee-jerk reactions and spur of the moment improvisations. It is time for implementation of the plan and determination. For those who consider they should be promptly prepared. The time is now.
Who Do You Need
Of course you need people in the business who “know their job”. Most of all, you need someone who cares about your own business, at least as much as you and even more. Perhaps you don’t want some ‘small fry’ because they may not be up to your standards. Nor some ‘big guys’ because then maybe you will be the ‘small fry’.
We believe that you need us.
Yet, what matters is what you believe. So, let’s talk, and find out for yourself about our in-depth knowledge and experience, and above all, our interest in doing business with you.
Crisis Management deals with any event that can, within a short period of time, harm the organization’s employees, its facilities, its finances or its reputation. Crisis management is the art of making decisions to head off or mitigate the effects of such an event, often while the event itself is unfolding. This often means making decisions about your organization’s future while you are under stress and while you lack key pieces of information. Consistent with the overall philosophy of crisis management, the key to being able to manage a crisis is taking as much planning as practical action before a crisis starts in order to best position you and your organization to respond to and mitigate such a situation.
Key–steps in the process of managing a crisis are:
A great deal of crisis management occurs before a crisis begins: it is about planning and preparing.
The EXL Approach
We incorporate crisis management methods for a business or an organization into a comprehensive Crisis Management Plan, including:
The credibility and reputation of organizations is heavily influenced by the perception of their responses during crisis situations. The organization and communication involved in responding to a crisis in a timely fashion makes for a challenge in businesses. A crisis mindset dictates the ability to think of the worst-case scenario while simultaneously suggesting numerous solutions.
Perhaps you would like to know more about protecting your business.
In today’s business environment you cannot afford to make wrong hiring decisions when looking to manage risk. At EXL our goal is to complete executive searches efficiently, swiftly, and above all, successfully. Our understanding of corporate priorities – and ability to work in close collaboration with our clients – enables our firm to achieve these goals.
Here is how our search process leads to quality results:
Risk Management and the Board
Directors of Boards and Senior Executives are increasingly called upon to be much more accountable for their decisions and the reasons for them and the processes by which they come to their conclusions. Decision making at senior leadership levels thus involves assessing multiple criteria, complex dependencies, and often conflicting parameters prior to exerting judgment, and in decision making situations that the in-house knowledge, experience or analysis isn’t enough to render a good decision, outside consultants are often called in in order to identify options not previously considered. However, since the Board still holds the responsibility for the final decision, decisions about what information to value and whose advice to consider are becoming more and more crucial as we realize that the complexity of our decision making goes beyond our own knowledge and experience.
When it comes to Risk Management, with the increasing globalization of economic and social activities, the world has now become so interdependent that actions taken today many thousands of miles away could affect us tomorrow. Global sourcing and complex production processes leave ample room for risks to remain dormant or fall under the radar.
While a risk-awareness culture, which in practice means a culture where thinking about managing risk as part of everyday practice, is of paramount importance in order to successfully implement, support and sustain company-wide risk management, linked to profitability and competitive advantage.
Risk Management Coaching
As risk management is gaining increased Board visibility, and companies struggle to institute successful programs to bridge the large gap between risk management and alignment of the business agenda, Board Members and the C-suite executives express a keen interest in getting a grip of risk management practices and principles as they apply to their strategic planning.
Building on our decades-long experience working with leading organizations, both international and domestic, we offer custom-made risk management coaching designed for executives who don’t have time for formal training courses and prefer one-to-one sessions tailored to their specific challenges and their busy schedule. We can be particularly helpful to newcomers to the field of risk, who want to come up to speed quickly, as well as beneficial to seasoned risk professionals who want a second opinion from someone who is experienced in integrating risk management into business practices. We could provide practical advice and support to your management team implementing systematic risk management in your organization, or keep risk managing executives up to date with the latest advances in risk management thinking and knowledge.
And much more
Participating in our one-to-one Risk Management Coaching Program you will have the opportunity to draw from the extended knowledge and vast experience of professional risk managers, to keep you abreast of the latest developments and emerging best practices in risk management planning and implementation.
There is more for you to know. How we will be able to wrap our services around your particular management style, schedule, business requirements. How EXL can help you make better decisions. How to protect your organization and its stakeholders, by making the right choices in managing your risks.
Over the last decade, the globalization of business – and the manufacturing industry in particular – has made it imperative for executives and risk managers to reassess how they manage the growing number of risks facing their organizations, especially those affecting supply chains. Effective supply chain risk management in the manufacturing organization goes beyond traditionally insured risks such as tangible assets and related liabilities; rather, it focuses on the assets as part of a process.
Supply chain risks come in all shapes and sizes. Most people think of floods, hurricanes, geopolitical issues and other “major” events when they think of supply chain risks. But the increasing complexity of today’s supply chains means that there are literally hundreds of unplanned events happening every day. You must be equipped to deal with them in a timely and profitable way or, taken in sum, they pose a significant risk to your competitiveness in the market. The ongoing inability to deal with these issues can mean the difference between profit and loss in many cases.
Business can face multiple risks across its entire supply chain including:
It is obvious that organizations should adopt a risk framework for their supply chain processes to identify key-risks, manage, mitigate and minimize the impact on business performance along the lines of identifying and prioritizing critical business elements, mapping the entire supply chain to show interdependencies, identifying potential failure points along the supply chain.