The ability to prevent, respond to and recover and learn from operational disruptions – is now a key priority for regulators and businesses alike.
Managing risks in an uncertain world
Första AP-fonden (First Swedish National Pension Fund) need a better grasp of the operational risks they face. We helped Första AP-fonden to develop their policy and framework to better understand and manage operational risk. We also worked with their leaders and teams to improve their risk culture to identify and manage operational risks and incidents in everyday life. The result showed that the leaders of the business were more confident that risks were being more accurately and properly reported and handled.
Developed a tailored risk policy and framework for operational risks
Implemented a new governance process – and an improved problem-solving culture
Improved business leaders’ ability to manage reported risks
Our financial services and operational excellence experts helped Första AP-fonden classify and rate their risks across people, processes, systems and external factors such as outsourcing, political factors and new regulations, and report on how they were handling them. We mapped their processes, tailored a framework to recognise risks and prioritise them. And we developed a policy to define taxonomy and a governance structure. Then we put these tools into action by selecting processes for a financial instrument where high risks were identified. And we ran a proof of concept on implementation.
We turned risk data into dashboards, making it visible across the organisation. They became the basis for operational meetings, helping managers and staff to prioritise and if needed to allocate cross functional competence to manage identified risks and occurred incidents. We also aided in problem-solving of real-life incidents, encouraging people to look for the root cause of issues and incidents.
Find out how we helped one of Sweden’s national pension funds get a better grasp of the operational risks they face