Member case study

How did CSL's risk team use their Risk Leadership Network membership to refresh risk appetite in their organisation?
2025

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We need to review and refresh our risk appetite statements. We have a large number of statements, introduced by external consultants about 7 years ago. Monitoring these statements takes up a lot of our resources and reporting on them in an engaging way is difficult. We want to know how other companies, particularly in our sector, use risk appetite statements.
Lyn Hodgden

Global Head of Enterprise Risk Management, CSL

What we did

1. Produced a pulse-check report

We gathered data from risk leaders in the pharma industry and produced a bespoke report based on their requirements.

This enabled CSL to benchmark their current use of risk appetite, and their proposed new approach, against sector peers.  

What we did

2. Facilitated a virtual collaborative workshop

Risk Leadership Network arranged a small virtual workshop so that Lyn could understand how her peers were using risk appetite in more depth.

As per Lyn's request, the majority of the participants were from the pharma sector.

Lyn was also able to present her new approach during this meeting and have it validated by her peers. 

 

The result

How this helped

1

Quick and effective implementation of a revised risk appetite approach

Lyn was able to refresh her risk appetite statements more quickly, knowing that her approach was validated by peers. She was confident that reducing the number of statements was the right call, and that her approach wouldn't be an outlier in the industry.

2

Less time monitoring and more time for engagement

With fewer risk appetite statements to monitor, the risk team had more time. They could focus their resources on building more engaging reports; this process was again aided by having fewer risk appetite statements to report on.

3

No consultancy budget needed

Rather than go back to the consultants for this work, the risk team were able to implement their solution in-house, with confidence that this is the right approach. It was helpful to know that, compared to industry peers, CSL's approach to risk appetite was actually quite mature.

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