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Inter-Governmental Organisation – KRisk

Inter-Governmental Organisation

Inter-Governmental Organisation

Requirement

This Inter-Governmental Organisation is a unique global partnership fighting poverty world-wide through sustainable solutions. It currently manages risk across its Operations (i.e. lending of money to countries for infrastructure projects), Financing (raising funds for projects via capital markets) and Internal Operational Risk (business risk including reputational risk, continuity risk). The Legal Division recognised that a risk lens would enable improved decision-making and prioritisation of time, effort and resource. 

In order to support a cohesive, consistent and systematic roll-out of its Legal Risk Management process across the division’s 200-strong lawyers and support staff, KRisk delivered three activities to support the Legal Division Risk Champions. 

How did we do it?

  1. 3-hour interactive webex session to review the Legal Risk Register, exploring: 
    • Lessons learnt from other organisations 
    • Incorporating best practice on the inputs and outputs of a risk register
    • Overcoming challenges in data collection and poor articulation of risk
    • Ensuring that the risk register drives forward control actions
  1. 3-hour interactive webex session to review risk reporting, exploring:
    • Why report? Who are the audiences? How will they use the information? 
    • What do we report on? What data is required at each level of audience?
    • How do we structure risk data?
    • Formats of risk reports
    • Risk reporting tools
  1. Delivery of a 3-day Risk Management training course for the Legal Division’s Risk Champions, covering topics including:
    • Introducing ISO 31000 and risk management principles
    • Situating the Legal Division within the wider institutional approach to Enterprise Risk Management (ERM)
    • Risk culture at team, divisional and institutional level
    • The Human Factor: Individual Risk Perception and Tolerance
    • Risk Assessment, Action, Monitoring, Communication & Reporting

Outcomes

This project delivered:

  • Familiarity with relevant international standards and regulations on ERM
  • Assessment of current state and articulation of desired state in relation to risk maturity
  • Evaluation of current risk culture and identification of “quick wins”
  • A shift in mindset and language around negative and positive risk
  • Recommendations for improvements to risk frameworks, processes and tools 
  • An action plan to move risk management capability forward