Our client, a $500M dental benefits provider and Foundation serving 1.3M members through a national network of dentists, was implementing major expansion and restructuring initiatives in addition to a new CEO recently being appointed. The Board and Senior Management recognized an opportunity to move from an informal and ad-hoc risk management environment to a more robust level of ERM and began a search for a partner to assist with their ERM efforts. They wanted to expand into a more formal risk management model that encompassed all elements of operations, finance, regulatory, technological and strategic business processes.
Jefferson Wells was selected to be the client’s ERM implementation partner and kicked off a project to design an effective and sustainable ERM program that would help the company identify, prioritize and manage enterprise risks. We worked closely with the company’s Board and Senior Management team to assess their prior attempts at ERM and the current state of their risk management practices. Jefferson Wells designed and rolled out a multi-year ERM plan customized and scaled specifically for their current environment.
Jefferson Wells is now in our tenth year facilitating the Enterprise Risk function with this company and has remained in place through significant turnover on the Board and Senior Management Team over those 10 years. Through maturity of the ERM program, the Board and Senior Management often state they believe the ERM program has been a key contributor to the strategic and operational success of the organization over the past 10 years.