A FRAMEWORK FOR SOCIAL RISK ACTION
Social Risk Strategy & Roadmap
Threat Monitoring & Execution
TURNING RISK INTO OPPORTUNITY.
When a top pharmaceutical company recognized that social events posed direct and indirect risks to their business, the organization decided it was time to establish a process building upon its core set of D&I principles. They turned to Impact ROI and ROKK Solutions to build a bespoke system to help them assess these events, their responsibility to respond and the best way to thread the needle of compassion and business goals.
CREATING A STRATEGIC DISCIPLINE
We engaged with a cross-functional team of stakeholders to develop a framework that can be applied to social risk issues. We helped our client establish roles and responsibilities for internal stakeholders, map the process against company structures and developed a scorecard system aligned with the company’s principles, material issues and global culture. To test the system’s functionality, we engaged the team in a series of simulations involving ripped-from-the-headlines social risk events and applied the framework to determine response. Through the exercises, the stakeholders were able to work through the nuances of social risk events and response coordination.
LET’S SEE OUR RESULTS
IMPACT: THE RIGHT PLAN FOR THE RIGHT PROBLEM.
Ultimately, the team has been able to use the framework successfully to determine whether and how to respond to social risk issues in real time. It’s been praised within the organization as a key tool for risk mitigation and collaboration across functional areas within its U.S. operations, and senior leaders have recommended the expansion of the framework for the company at the global level.