Business risk is not a static thing; as markets shift and change, so do old risks change and diminish while new risks appear and flourish. It is influenced by and responds to pressures both external and internal, and is inextricably linked to strategy.
This award recognises those reports that give a meaningful discussion of the business and the risks it faces, which show why each risk is incurred, and which demonstrate how those risks are being managed. They will provide meaningful discussion of the relationship between strategy, operations and risk management, and describe in detail the process of risk governance, how it is a dynamic thing and how its effectiveness is tested. They will also describe whether and how any risks that have grown in importance are being managed.
The judges in this category are particularly interested in reports that offer real insights into the issues facing the business and give confidence that risk is being identified and managed effectively.
Balfour Beatty plc
Smith and Nephew plc