Risk Program Development @ A Growing Startup
The legal department of a growing startup contacted Titan Grey regarding the expansion of the department’s duties in managing the company’s risk. With a headcount of less than twenty and a budget allocated largely to sales growth, the company needed a way to defend itself from all forms of risk associated with a growing business without creating a burden on either its personnel or its capital.
How can a growing startup company leverage its existing personnel to effectively manage risk in a cost-effective manner?
While we have advised companies of all sizes and at all stages of the business lifecycle, we adhere to the principle that risk management solutions should be tailored to the particular needs of the client.
We worked closely with our client’s leadership team to best understand the company’s business model, with a particular emphasis on its core markets and its sales channels. We compiled an inventory of relevant risk factors and socialized it with our client.
Leveraging our proprietary tools, procedures and frameworks, we crafted an appropriate controls environment for our client’s risk inventory with a specific eye to cost-efficiency. We developed a bespoke technology solution which would enable individuals across functional areas within our client’s business to manage risk seamlessly as a part of their daily workflow.
We likewise developed and socialized with our client a specific mapping of monitoring and control responsibilities to various groups and individuals within our client’s existing headcount. We worked directly with our client’s human resources lead to map responsibilities as closely as possible to those in the organization who possessed the most relevant set of skills to the task.
After further work with our client’s staff on matters of training in risk management concepts and skills, what resulted was a more resilient organization with a culture of risk management at its core. The company was safer, its business practices sounder, and its future more secure, all without an increase to its headcount or any significant burden on its budget.