Noetic understands that effective risk management is a key component of good corporate governance. This requires senior executives to have oversight of the material risks faced by their organization – i.e. those risks that could result in a substantial negative impact. Fundamental to Noetic’s approach is to identify the risks that really matter and to focus on how these might be prevented or mitigated by way of controls (or treatments) which can then be managed.
Noetic helps you identify these material risks and controls, and implements effective ways to monitor and report the ‘”health” of these controls. Our approach has been applied internationally in the resources, defense and government sectors. Noetic assists organizations to improve their risk management frameworks. We understand organizations are complex with varying financial, operational and project goals. Noetic tailors services with this in mind to meet the specific needs of each client.
Noetic’s services encompass:
- identification and prioritization of key material risks
- assessment of current risk management capabilities
- tailoring an effective and realistic implementation strategy to the organization’s culture and practices
- building internal capability (via skills transfer) to manage risk through identifying and analyzing threats, developing controls and treatments, and monitoring and reporting
- assessment of effective resource allocation to achieve high-impact results
- testing risk management through exercising and business simulation
- conducting lessons learned reviews after incidents or disasters
The key advantage of Noetic’s approach to risk management is its focus on risk prevention. Applying this approach:
- improves performance efficiency and planning
- improves integrity and extends the life of assets
- reduces the potential negative effects of risks
- prevents unnecessary costs