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ENTERPRISE RISK MANAGEMENT

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Risk cannot be avoided - but it can be evaluated, mitigated, and, in some cases, turned into opportunities. If you would like to explore these questions further and develop a strategic plan to address risk, let's get started!

Do you know the risks that could impact your business, how and the significance?

Do you have a risk identification and mitigation strategy?

Do you review and simulate risks on a defined frequency?

Do you have a leader responsible for risk management?

Does your Board of Directors have a Risk Committee to provide risk management guidance and oversight?

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CASE STUDY IN MANAGING RISK

Company Challenge:

During Covid this multi-factory global manufacturing firm faced many of the same risks as others - employee safety, supply chain constraints and more. They realized that they did not have a documented company-wide process for managing these situational risks as well as others such as cybersecurity that could impact business continuity at the offices and factories.

Lustig Global Consulting's Solution:

I initiated and led the effort to establish business continuity plans for 10 factories and 4 offices. I created a template using existing internal and external information, combined with my knowledge. I established cross-functional teams at each site and guided them through the process of identifying risks, prioritizing them, and creating risk mitigation plans. While some risks were common for all sites, I worked with each site to customize the plan for their specific risks and mitigations.

Company Benefits:

All sites released official business continuity, or Enterprise Risk Management (ERM) plans and learned about managing risk in the process. Actions were taken to prepare for and minimize the impact of potential risks. In addition, these documents were well-received during the due diligence process that took place during the company's re-financing into new majority ownership.

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