Deloitte Greenhouse: Singapore
Enterprise Risk Management: Revisited
A private security contractor re-examines its risk priorities against the changing tech landscape
The client’s challenge
A major player in the armed security services market in Singapore, our client wanted to ensure its competitive edge by establishing a fortified risk assessment framework based on industry-leading risk management practices. It sought Deloitte’s expertise to establish a forward thinking risk universe which took into account the technological advancements and workforce attrition challenges that are rampant in its industry.
In order to refresh the vision of its executive board around enterprise risk management as well as ‘stress test’ the firm’s existing controls, eleven of the client’s leaders convened for a half-day Risk Management Visioning Lab in the Greenhouse in Singapore. Utilizing an interactive carousel format, our Greenhouse facilitators introduced participants to visual case studies and proprietary analytics solutions. These brought to life key identified risks and challenges that the client faced: ongoing technological disruption, operational risks at high profile events, the power of predictive analytics for human resources teams and various data visualisation techniques. Participants profiled the top three risks that were most damaging to the company and discussed potential gaps in the firm’s existing controls vis-à-vis these risks. Teams were then taken through a scenario planning exercise which involved simulations of unknown risk, in order to evaluate the resilience of their current disaster recovery plans and internal controls. The session closed with a visioning exercise which enabled the leadership team to assess ways to spearhead a firm-wide culture of proactive risk management.
Impact on client’s business
By bringing together leadership from various departments, the Greenhouse session enabled participants to pool their cross-departmental knowledge of the firm’s unique risk landscape. The Greenhouse methodology of facilitated, interactive techniques was effective in not only helping the client gain consensus on ways to strengthen the firm’s fragmented risk processes but also to commit to actionable next steps. The session surfaced valuable insights that were incorporated into the larger client engagement, which ultimately helped to guide the client’s annual risk assessment framework.