How do you measure and evaluate the effectiveness of your risk management actions?

Establishing clear and consistent risk criteria is like setting the compass for effective risk management. It ensures alignment with budget objectives, risk appetite, and constraints. Transparency in these criteria fosters better communication with stakeholders and team members, facilitating a more precise evaluation of risk management actions.

Compare budget to prior year to ensure all criteria is captured. Having a database that tracks budget and expenses. Creating a budget worksheet to capture business group and updating budgets for each. Then run reporting to ensure expenses are entered in worksheet. Then ready to meet with stakeholders.

Monitoring risk indicators is like having a radar for our risk strategy. Choose metrics that align with our unique risk landscape, empowering agile decision making and strategic navigation.

The budget worksheet was update quarterly. To identify budgets with expenses to to ensure budget has not exceeded. If so flag send email to appropriate person identify the expenses nature of driving expenses. I worked in law dept for Avery Dennison. cases drove expenses. I would identify employee related, environmental, or litigation. Intercompany transfer would take place a revised budget would exist. I would update budget worksheet and the reason entered next to it. Made this an very instrumental worksheet. All attorneys found it useful in meetings.

When I started in law dept I had to meet with accounting quarterly. To ensure we were charging existing businesses. Each year accounting would send me worksheet of businesses moved to a new group or sold. I would update quarterly worksheet cases were updated with new group. Budget worksheet was updated. When I would meet with approving attorney. I had back up of reporting in the same order as budget worksheet. When he would notice expenses have increased why. I would report to him litigation driving the expenses. He would pick up the phone call attorney in charge of litigation and say settle. We can't afford the expenses.

Regular risk reviews and audits serve as a spotlight on our risk management strategy, revealing opportunities for enhancement. Whether conducted internally or externally, they're vital for ensuring ongoing excellence and adaptability in risk management.

The budget worksheet was my reporting tool. Always being prepared budget worksheet was updated. I was ready to meet. Or I was told any any time the last update I had or update and give to me at a specific time. I would meet this deadline. Then I was laid off I guess this was not important anymore.

Yes feedback was always have automatically print this worksheet. The software vendor said 5k the law department could not afford this and I had to continue updating manually. I was always told how did I meet budget guidelines and due date. I always said I paced myself and I paid all outside counsel bills approximately 200 monthly.

The budget was due in August. So in June would send budget reports to each attorney. Give them a return date of two weeks timeframe. Once they came in vi entered budget to each case in database. Enter there case ID. It would bring up the case. Go to budget section and add the new budget and the year . I would update database every time I received budget reports back. Then I would print budget reports and update budget worksheet. Let approving attorney know when completed and ready to meet. We met about three times till budget was 4 % increase budget worksheet had % of budget used calculation and variances Budget less Expenses