Risk Transformation Programme Enhances Value And Organisational Stability Of Brand Name Company
The Situation
Odeon Cinema Group, owned by a Private Equity firm, was preparing to sell. But because the Company had not maintained its risk and governance procedures over a period of years, it faced challenges in a number of fundamental areas:
- The risk profile of the organisation was not fully understood and articulated
- Group policies were not visible to staff and were not embedded within the organisation
- Risk management awareness and engagement was low
- Safety and security was not consistently managed and did not give comfort to the Board
- Assurance activity was outmoded for a modern large organisation and was not visible to senior staff
The Solution
Richard conducted brainstorming sessions with senior teams across each territory to address key threats and produced a Risk Transformation Plan that encompassed:
- Working closely with insurance to review and refresh risk transfer needs
- Engaging external cyber security assessments and implementing remedial actions
- Unifying risk management approaches across the group
- Evaluating resources and implementing best practices, including an electronic policy database
- Revising the audit approach and re-skilling the audit team