Expansion into U.S.A. 8 years ago. Expansion into European market 6 years ago
7,650 employees, 2 key manufacturing sites, 6 offices in Canadian, U.S.A. and European locations. Serves clients in over 22 countries; $278 Million annual revenues
Healthy / positive cash flow / financial reserves
The Problem
Recent shakeup of family participation
Desire to professionalize the business
Desire to restructure owner involvement and potential acquisition of professional CEO from outside the “family”
Global cost pressures requiring some workforce reduction
Increased global threat to market share / business due to emerging technology innovations
Poor line of sight and insight into global, strategic and operational risks / threats
Concern regarding shift in key supplier relationships / supply
Need to determine best investment into business
Desire to minimize strategic, market and customer risk
No corporate strategy, balanced scorecard and business performance reporting
What We Delivered
Undertook a comprehensive enterprise risk management audit identifying key strategic and operational risks including likelihood of occurrence and degree of impact
Developed enterprise risk framework and business process for management implementation
Developed Top 20 enterprise risk mitigation plans for management adoption
Developed implementation change plan and educated senior managements regarding framework, process and their accountability for a more formalized risk management plan
Coached and guided management during initial implementation. Transferred skills sets and tools over to management team
Conducted 6 and 12 month check-ins and providing on-demand support
The Result
Adoption of formalized enterprise risk management framework, process, tools and accountability.
Reduction in 55% strategic risks and 93% operational risks within 18 months.
Greater Board of Director and shareholder confidence.
Increased management accountability for enterprise and business risk.
