Delivering robust corporate risk management with Rhiza

AIM-listed Sound Energy plc, the transformational gas exploration company with a portfolio of assets in Morocco, identified the potential to update its corporate risk management framework and data to better support the board in its decision making. The management team realised that Rhiza could provide the solution – replacing the previous time-consuming spreadsheet-based approach.

Initial conversations identified that pre-implementation work was needed to ensure the company’s risk data was complete, accurate and up to date. Our consultants conducted brainstorming workshops with management teams in operational business units, and undertook a separate exercise with various directors to identify strategic risks. All these risks, together with their associated mitigations and future action plans were integrated by our risk team into a single, consolidated risk register for the whole company. The data was imported into Rhiza, creating the foundation for Sound Energy to manage risk in a more comprehensive, sustainable and practical way.

We worked with Sound Energy’s staff to ensure the new risk management system was properly embedded and understood by all users, and there is on-going collaboration with management to ensure Rhiza’s reporting capabilities continue to meet the needs of Sound Energy’s board. The solution now gives senior management confidence that operational risks outside the UK are being managed effectively, while enabling the Board to focus their attention on strategic risk management issues.

Ian Coxon, Vice President Finance at Sound Energy, says: “Rhiza has given us an internal platform on which we can manage risk more effectively. The Moore Stephens team has responded to our needs, working with us to create a practical tool which matches our needs.”

For more information and to find out how we can help your organisation, please contact us.