Question

1. Could BSI have better managed the balance between risk management and achieving its growth strategy? If so, how?

Answer 1

BSI which is also known as the British Standards Institution, is the national standards body of the United Kingdom. BSI produces wide range of products of technical standards and services and it is entitled with the task of supplying certification and standards-related services to businesses.

BSI is a quality management standard to help them work more efficiently and reduce product failures. an environmental management standard that helps to reduce the environmental impacts, reduce waste and to create a sustainable environment and also to create a health and safety standard that helps to reduce accidents in the workplace.

BSI British Standards can help provide you with standards and publications to assist your organization with risk and business continuity issues.By managing risks, a business can reassure shareholders, customers and employees being managed effectively and also to confirm its compliance with the requirements of corporate governance .

BS ISO 31000 is the international standard for risk management which is provided by the BSI. This standard helps organizations with their risk analysis and risk assessments.We can benefit from BS ISO 31000 if we work in a public, private or community enterprise, because it applies to most of the business activities that includes planning, communication processes and management operations . While all organizations manage risk to some extent, BS ISO 31000 is developed to improve management techniques and also with the aim to ensure safety and security in the workplace at all times.

Inorder to improve operational efficiency, governance and stakeholder confidence a minimising losses,implement the principles and guidelines of BS ISO 31000 in your organization .The BS ISO 31000 helps you to boost health and safety performance, helps in decision making and also encourage proactive management in all areas.

BSI,the business improvement company, has announced its results for the year ended 31 December 2019. Revenue climbed seven per cent to £548.1 million, in a year which saw a substantial investment programme into the people and infrastructure of the global organization.

Revenue increased by 7% to £548.1m (2019: £511.9m)

Performance maintains twenty years of unbroken revenue growth

Average revenue per account climbed 3.5% to £5,900

Substantial investment programme saw profits dip by 6% to £58.3m

BSI entered 2020 with £85.1m of cash reserves

BSI’s global footprint continues to grow, with the organization working in 195 countries with over 84,000 clients across a wide range of industries. 53% of the Fortune 500, 83% of the FTSE 100 and 81% of the Nikkei 225 place their trust in BSI for its global expertise. In 2019, a planned programme of investment in talent, infrastructure, product development and marketing saw profits dip, but provided a strong foundation for future profit growth.

Two key acquisitions were completed in 2019 – San Jose, US based AppSec Consulting, a cyber security and information resilience company, and HDANZ – a healthcare auditing company based in Christchurch, New Zealand. These acquisitions, in addition to boosting growth, allow BSI to offer a wider range of auditing, compliance and improvement solutions to an ever-wider client base. The appointment of sector leaders in Healthcare, Food and Retail, and Built Environment, united access to BSI’s breadth of services and strong local network of delivery resources.

BSI is now managed through four global business streams, Knowledge Solutions, Assurance Services, Regulatory Services and Consulting Services, supported by a transversal Commercial function to accelerate specific sectorial focus and growth. At actual exchange rates, Knowledge Solutions, made up of standards, services and information solutions and grew 2%, to revenues of £66.5m. Assurance Services, covering systems certification, product certification including the internationally renowned BSI KitemarkTM and training, grew 2% to £283m. Regulatory Services, which includes systems and product certification of medical devices, saw 29% growth to revenues of £119.4m. Consulting Services, which covers consultancy and supply chain solutions, grew by 3% to £79.2m.

Ahead of Britain’s exit from the European Union, BSI – in its role as the UK’s National Standards Body – has increased its engagement with the UK Government to reach a common understanding of the value of international standards. Two CEN and CENELEC (the European standards bodies) pilots in partnership with ISO (the international standards organization) helped define a new model to launch a more agile standards development process producing deliverables within weeks rather than months.

The proportion of new standards published by BSI of an international origin hit 95% in 2019, highlighting the vital role of the organization in the international standardization system. Key areas of focus included standards relating to the Fourth Industrial Revolution, including technologies such as the future of mobility, energy smart appliances, digital manufacturing, sustainable finance and the energy efficiency of buildings.

I think that BSI had properly managed the risk management and growth strategies where its revenue has also significantly increased.

BSI which is also known as the British Standards Institution, is the national standards body of the United Kingdom. BSI produces wide range of products of technical standards and services and it is entitled with the task of supplying certification and standards-related services to businesses.

BSI is a quality management standard to help them work more efficiently and reduce product failures. an environmental management standard that helps to reduce the environmental impacts, reduce waste and to create a sustainable environment and also to create a health and safety standard that helps to reduce accidents in the workplace.

BSI British Standards can help provide you with standards and publications to assist your organization with risk and business continuity issues.By managing risks, a business can reassure shareholders, customers and employees being managed effectively and also to confirm its compliance with the requirements of corporate governance .

BS ISO 31000 is the international standard for risk management which is provided by the BSI. This standard helps organizations with their risk analysis and risk assessments.We can benefit from BS ISO 31000 if we work in a public, private or community enterprise, because it applies to most of the business activities that includes planning, communication processes and management operations . While all organizations manage risk to some extent, BS ISO 31000 is developed to improve management techniques and also with the aim to ensure safety and security in the workplace at all times.

Inorder to improve operational efficiency, governance and stakeholder confidence a minimising losses,implement the principles and guidelines of BS ISO 31000 in your organization .The BS ISO 31000 helps you to boost health and safety performance, helps in decision making and also encourage proactive management in all areas.

BSI,the business improvement company, has announced its results for the year ended 31 December 2019. Revenue climbed seven per cent to £548.1 million, in a year which saw a substantial investment programme into the people and infrastructure of the global organization.

Revenue increased by 7% to £548.1m (2019: £511.9m)

Performance maintains twenty years of unbroken revenue growth

Average revenue per account climbed 3.5% to £5,900

Substantial investment programme saw profits dip by 6% to £58.3m

BSI entered 2020 with £85.1m of cash reserves

BSI’s global footprint continues to grow, with the organization working in 195 countries with over 84,000 clients across a wide range of industries. 53% of the Fortune 500, 83% of the FTSE 100 and 81% of the Nikkei 225 place their trust in BSI for its global expertise. In 2019, a planned programme of investment in talent, infrastructure, product development and marketing saw profits dip, but provided a strong foundation for future profit growth.

Two key acquisitions were completed in 2019 – San Jose, US based AppSec Consulting, a cyber security and information resilience company, and HDANZ – a healthcare auditing company based in Christchurch, New Zealand. These acquisitions, in addition to boosting growth, allow BSI to offer a wider range of auditing, compliance and improvement solutions to an ever-wider client base. The appointment of sector leaders in Healthcare, Food and Retail, and Built Environment, united access to BSI’s breadth of services and strong local network of delivery resources.

BSI is now managed through four global business streams, Knowledge Solutions, Assurance Services, Regulatory Services and Consulting Services, supported by a transversal Commercial function to accelerate specific sectorial focus and growth. At actual exchange rates, Knowledge Solutions, made up of standards, services and information solutions and grew 2%, to revenues of £66.5m. Assurance Services, covering systems certification, product certification including the internationally renowned BSI KitemarkTM and training, grew 2% to £283m. Regulatory Services, which includes systems and product certification of medical devices, saw 29% growth to revenues of £119.4m. Consulting Services, which covers consultancy and supply chain solutions, grew by 3% to £79.2m.

Ahead of Britain’s exit from the European Union, BSI – in its role as the UK’s National Standards Body – has increased its engagement with the UK Government to reach a common understanding of the value of international standards. Two CEN and CENELEC (the European standards bodies) pilots in partnership with ISO (the international standards organization) helped define a new model to launch a more agile standards development process producing deliverables within weeks rather than months.

The proportion of new standards published by BSI of an international origin hit 95% in 2019, highlighting the vital role of the organization in the international standardization system. Key areas of focus included standards relating to the Fourth Industrial Revolution, including technologies such as the future of mobility, energy smart appliances, digital manufacturing, sustainable finance and the energy efficiency of buildings.

I think that BSI had properly managed the risk management and growth strategies where its revenue has also significantly increased.