Enterprise Risk Management
- Strategy
Hong Kong Jockey Club was looking for a partner to explore digitising their risk management efforts. We were commissioned to carry out a feasibility study on 2 possible products.
Through a series of workshops, we established the core features, vision and goals for the products, mapped out user personas and user journeys. From there we produced low fidelity prototypes to present to senior management, which were eventually delivered as high fidelity prototypes.
The effort was extremely collaborative and we helped the internal team to secure enough management buy-in for the products to carry out a road map planning exercise to secure funding from the CFO for delivery of the products.
- Client
- Hong Kong Jockey Club
- What we did
- Strategy
The Challenge
In January of 2022, the Hong Kong Jockey Club’s Board of Management approved the implementation of an Enterprise Management Framework (ERMF) across the Club. The four pillars of this framework are a Top Down Risk Process coupled with a Bottom Up Risk Process, Risk Culture transformation and Aligned Assurance with Audit.
An integrated and strategically aligned Risk Management Solution is required to enable the roll out of the four pillars and facilitate the improvement of maturity for components within these pillars. The solution will increases agility, transparency and communication to enable management in making risk informed decisions while accelerating the implementation of ERM.
Furthermore, an integrated risk solution will aggregate and analyse Club-wide risk data to facilitate decision makers in evaluating business risks in order to make effective strategic risk informed decisions. The goal of the risk solution is to remain scalable, repeatable, flexible and agile to meet the business’s changing needs.
The Work
We ran multiple discovery workshop with key stakeholders including the Head of Risk and other key business units to have an in-depth understanding of the Club's methodology in risk monitoring and management. It was an extremely collaborative process from the start.
From there, we created a vision strategy deck that highlighted the strategic goals and objectives for the project, in ranking of priority and importance. It was clear that we needed to produce a set of data visualisation tools that communicates key risk data to a wide ranging of users from board members to risk owners and front line staff.
Another key finding was that we had to split the project into two key pillars, ERM (Enterprise Risk Management) and PDRM (Project Delivery Risk Management) - ERM being an organisation wide monitoring and track tool and PDRM focused on the large scale projects that the club has undertaken, most of which are huge infrastructure projects. ERM serving C-suit and board level team and PDRM being an organisation wide tool, to enable the board and leadership team to understand the what day to day operational level tasks are going to have the biggest impact on the high level KPIs, and vice versa for the front-line team to understand how their role and work impact the high level KPIs and overall mission of the club.
The Result
We delivered a comprehensive report on a detailed approach and budget for an in-house built ERM and PDRM tool, as well as high fidelity prototypes on what such ERM and PDRM tool would look like. The tool clearly highlights the importance and impact of each risk, allowing risk owners to monitor and plan for correctional actions if and when needed. The tool also comprise a host of data visualisation tool that connects high level KPIs with all front-line project activities.
The deliverables were extremely well received internally, the project was presented to the CFO, the original project sponsor and it is currently under review for the development pipeline.