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The Client and Its Challenge
Our client provides energy, value-added natural resources products, and related services that are essential to the United States' energy, transportation, and communication infrastructure. The client was interested in determining whether its risk management function's resources were being used optimally.
As part of the review, the client wanted a process flow map for each key administrative process, which included a pictorial understanding of how these duties were divided among individuals and departments. The client also wanted to elevate the risk management function to "best in class" and sought help in identifying the gaps between its current state and leading practices.
The Risk Consulting Solution
Marsh consultants conducted a risk management function review, which included:
- Providing executive management with a clear understanding of Marsh's leading practices, responsibilities, and partnerships of a world class risk management function
- A review of the current activities — including those being outsourced to a third party — and the development of process maps for each activity
- The identification of gaps between the current activities and Marsh's leading practices
- The development of recommendations for process improvements among the various activities
- Interviews with various partners regarding the current state of the risk management function including an identification of the skills needed to be successful
During the review process, Marsh consultants conducted in-depth interviews with members of the executive management team, each member of the client's risk management department, key partners in several internal departments, and members of the third-party service team.
Results
Based on the information shared during the review, Marsh consultants developed "action matrices," which provided detailed recommendations to move the activity toward leading practices. Each recommendation included a description of the benefits of its implementation to the client. The client used this information to set action plans and make its risk management function more efficient and effective.
If you have any questions or would like additional information, please contact us.
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