Charity refreshed strategic risk register

During COVID-19, a charity had put in place an Interim Business Strategy to manage the financial challenges brought on by the pandemic and required support to identify the risks and opportunities associated with their revised plan.

The Enterprise Risk Management (ERM) Team at Ecclesiastical offered that support by running a Strategic Risk Workshop with the Charity’s Leadership Team.

Before the event, the ERM Team spoke to a selection of managers about the Interim Business Strategy and some of the challenges they faced, looking to the future in the short to medium term.

The Strategic Risk Workshop was then held on-site and covered the following:

• A refresher on risk management and how it can be used to support the achievement of objectives and the decision-making process
• Identification of the key risks associated with the delivery of the Interim Business Strategy
• Analysis of the risks in more detail, looking at the cause and consequences
• Mitigation and control
• Risk escalation and monitoring

The Charity now had a solid understanding of the level of risk associated with the priorities set out in their Interim Business Strategy, key controls, and mitigating action plans. They felt more confident and better equipped to manage their risks as they looked to the future. It also provided greater assurance to the Board that the charity had an up-to-date and relevant risk register in place to support effective risk management.