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Context and challenges
The Regulatory Body for Railway Transport and Brussels Airport Operations had the ambition to implement an Enterprise Risk Management (ERM) approach. The public sector has unique characteristics that must be considered when defining the risk framework, the coverage and the approach.
The Regulatory Body has 3 key missions:
- Supervise the market: The Regulatory Body governs the markets of the rail transport in Belgium and the Brussels National Airport
- Protect the interests of the users and the general public
- Advise the government to develop future regulation in the rail and airport sector
The Regulator has identified three expected benefits from the implementation of their Enterprise Risk Management approach:
- Increases in operational efficiency
- Optimisation of the control environment
- Facilitation of operational and strategic decision making
Our challenge was to implement the right approach to reach these expected benefits with tangible measures within 2 years.
Our solution
We delivered workshops where the team had the opportunity to fully express themselves, allowing them to come up with a more meaningful list of risks and opportunities compared to what happened during regular risk identification workshops. This is an important element for risk management as it gives broader insights on how to mitigate risks and exploit opportunities.
We applied the following 6 steps approach:
