Building A
Risk Framework
The Problem
After two decades of tremendous growth in size and complexity, the Aspen Institute’s programmatic activities and operations were revealing vulnerabilities and inefficiencies that could threaten future success.
What management needed:
To ensure that staff were aware of and prepared to handle challenges in their areas of responsibility, had mechanisms to respond to crises should they occur, and were equipped to protect the Institute’s people, assets and reputation and were worthy of the confidence of the Board and other key stakeholders.
What Staff Wanted:
Training and tools on how to spot and handle common challenges they could face in their jobs, guidance on how to handle sticky situations, and easy access to expertise and support during times of uncertainty or crisis.
What Happened Next:
With the help of expert consultants, Pherabe led an enterprise risk assessment of the Institute to uncover and document all risks across operational, strategic, financial, security/safety, and compliance categories and map out a multi-year plan to mitigate and manage them.
The Solution:
A comprehensive and Institute-wide approach to risk management that involves the Board, senior leadership, all operational and programmatic functions, and staff at all levels of the organization. The approach included annual “deep-dives” to shore up areas of greatest risk, policies detailing how to avoid and mitigate risk, new systems and protocols for responding to crises, and communications strategies to empower staff to recognize and respond to risks and permission to ask for help when they need it.
Are you ready?
Take our quiz to assess whether your organization is fully prepared to manage the risks that could harm your organization and prevent you from fulfilling your mission.