Our Borusan CAT Digital Risk Management project is live. At the end of the project work that lasted for about 7 months, risk management practices were fully integrated into the operational processes by using the most up-to-date approaches.
With the Digital Risk Management Project, the following achievements were achieved within Borusan CAT’s vision of becoming an agile, customer-oriented, and digital organization:
- Adopting a single risk management approach across all countries and industries
- Establishing a corporate risk memory in the organization.
- Increasing collaboration between the risk management team and other operational/financial departments.
- Systematic monitoring of the actions to be taken against risks and thus continuous measurement of risk management performance.
- Continuous monitoring of receivables risks and the integration of risk management and receivables processes.
- Integrating risk management into investment/project processes.
In order to achieve these goals, the Digital Risk Management Project was launched in two separate phases. In the first stage:
- Risk management processes were integrated with the deferred sales agreements, and thus, the risks to receivables started to be managed from the very beginning of the order to cash operations.
- Project, investment, and working capital-related risks started to be tracked from a single platform, and the follow-up of action plans was completely automated
- Comprehensive reports were developed to monitor all risks and actions with an industry and country breakdown.
After the successful first phase of the project, in the second phase:
- Consolidation reports for existing customer receivables were developed.
- Receivable tracking capabilities starting from the country/industry level were detailed up to the customer level.
- Action tracking processes were put into use for the follow-up of existing receivables.
- Country/industry-based receivables follow-up performance started to be continuously monitored by linking it to key risk indicators.
- Country-based political and financial risks started to be monitored periodically through a single platform.
