SAP Receives StrategicRISK Award for Risk Management Practices Implemented in its Field Organization
SAP NEWSBYTE - - SAP AG (NYSE: SAP) has been recognized by international magazine StrategicRISK with the StrategicRISK European Risk Management Award 2011, in the category of “Best Risk Communication of the year”. The award honors organizations that take innovative approaches to risk management and achieve measureable results. SAP received the award for its support of its field organization with a globally consistent approach that measurably reduces the risks inherent to customer projects and sales opportunities.
In particular, the jury acknowledged the three core elements of the software company’s risk management approach:
*“Executive Risk Committees” – Through the establishment of regional committees at the executive level, SAP helps ensure that its executives in all local markets speak the same “risk language”. Risk transparency is achieved across all regions by utilizing consistent risk analyses based on standardized information templates.
*“SAP Risk Communication Network” – In parallel, the company created a global reporting network that delivers standardized, regular snapshots of key risks to SAP executives in an easy to read portable device-friendly format.
*Risk Delegation of Authority – This process further enhances risk awareness to key executives and enables timely transparency into the company’s most risk-laden projects or opportunities, triggering approvals from top management.
As a result, SAP established an early warning system and a globally consistent risk management infrastructure that helps ensure that risks are considered in every important decision made in the company’s field organization.
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