Risk management

Risk management is an integral part of all our activities. Our culture drives us to consider the risks and opportunities of any new business decision. We focus on key risks which could impact on the achievement of our strategic goals and therefore on the performance of our business. Risks are considered at every level of the business including when approving corporate transactions, property acquisitions and disposals and whenever undertaking refurbishment and redevelopment projects.

We have created a positive culture within Workspace which encourages open communication and engagement. This enables staff from all areas of the business to feel free to raise risks or opportunities, no matter how small, to their managers and teams. This culture means that information is communicated across the business well. We make every effort to engage staff with risk-related issues, particularly those which are new and emerging so that we are managing our lower level risks as well as the more strategic ones.

Further details of key risks can be found in our Annual Report & Accounts.

our risk process

Identification

Risks are identified when projects are being considered or raised by members of staff. Identified risks are captured in risk registers and a risk owner is responsible for assessing and monitoring that risk.

Assessment

Each risk is assessed and scored according to the potential impact and likelihood of it materialising. Each risk is given an Inherent Risk Score (pre-controls) and a Residual Risk Score (post-existing controls), as well as a Target Risk Score representing the risk tolerance.

Response

Each Residual Risk Score is compared to its Target Risk Score. If the former is higher, action is taken to reduce it. Controls are assigned an owner who is responsible for monitoring whether the controls operate effectively.

Monitoring & reporting

Risks are monitored by the Risk Owners. Control owners certify that their controls continue to operate effectively. The Risk Management Group oversees this and escalates significant changes or new risks to the Risk Committee, Executive Committee and/or Board as appropriate.