Enterprise Risk Management at Lloyds TSB
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Case Details:
Case Code : ERMT-022
Case Length : 23 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Lloyds TSB
Industry : Banking and Insurance
Countries : UK
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts
Overview of Risks
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Lloyds TSB had adopted an enterprise-wide framework for the identification,
assessment and management of risk.
The framework aimed at meeting customers' needs and maximizing shareholder value
by aligning risk management with corporate strategy; assessing the impact of
emerging risks from new technologies or markets; and developing risk tolerances
and mitigating strategies.
Four concepts guided Lloyd's Enterprise Risk Management (ERM) activities - risk
governance; empowerment; competitive advantage and common risk language...
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Risk Governance
Lloyds TSB's risk governance structure aimed at creating a risk-aware culture.
The company continued efforts to ensure that risks were well understood, and
business decisions struck a balance between risk and reward in a manner that was
consistent with the Group's risk appetite.
The Board was responsible for determining the long-term strategy of the
business, the markets in which the Group would operate and the level of risk
acceptable to the Group in each area of its business...
Governance, People and Organisation
Lloyds TSB defined this risk as the possibility of loss due to poor corporate
governance, wrong organization structure and inappropriate human resource
policies. The Group's policy for managing Governance, People and Organisation
risk was set out in the Group Policy Manual...
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Strategy Risk
This was defined as the possibility of failure to implement the agreed strategy.
The Group emphasized maximizing value for its shareholders by being first choice
for its customers, being a leader in its chosen markets and by tight cost
control...
Change Management Risk
This was the risk of financial loss or reputational damage arising from
programmes or projects failing to deliver as per expectations or because of
failing to implement change effectively. Lloyd's had established change
management standards to ensure a consistent approach across the group's project
portfolio... |
Product and Service Risk
This was the possibility of loss arising from the inherent characteristics,
management or distribution of products or services, or from failure to meet
customer expectations or cope with competitor offerings. Product life cycles had
to be effectively managed and new products developed to meet customer needs.
Business units were responsible for maintaining a range of products, which met
the needs of customers; managing and controlling product risks; and compliance
with applicable regulations...
Excerpts Contd...>>
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