Opportunity and risk management of the City of Zurich with the GRC Toolbox

Find out how the City of Zurich successfully masters the balancing act of dealing with opportunities and risk with ou solutions.

Initial situation

With its extensive structure of 70 service divisions, nine departments, 30,000 employees and a budget of over CHF 10 billion, the City of Zurich is exposed to a wide range of risks. In 2007, the City Council decided to introduce a new risk and insurance regulation instead of the previous insurance solution, which provides for risks to be increasingly borne by the city itself rather than insured. In view of these dimensions, effective risk and control mechanisms are of crucial importance. However, Zurich is taking an innovative approach by actively addressing not only risks but also opportunities.

Challenge and solution approach

The City of Zurich was faced with the challenge of implementing effective risk and control management mechanisms to cope with the complex requirements of a city administration of this size. To meet this need, the city was looking for a comprehensive approach that could efficiently integrate opportunity and risk management (RM) and the internal control system (ICS). To meet this need, it opted for Swiss GRC and its GRC Toolbox, which makes it possible to combine both RM and ICS in a single tool. By integrating these two key functions, all relevant processes and data can be seamlessly merged and managed.

Continuous risk reporting up to the city council

The GRC Toolbox offers a variety of functions specifically tailored to the needs of organizations that have complex risk and control requirements. With a user-friendly interface and powerful analysis tools, the GRC Toolbox enables the City of Zurich to precisely identify, assess and prioritize risks. In addition, the software provides a clear and transparent process for risk reporting up to the City Council. This ensures comprehensive and timely communication about risks and enables decision-makers to make informed decisions.

A solid basis for comprehensive risk control

For the City of Zurich, the introduction of Swiss GRC technology has strengthened its risk management capabilities and created a robust foundation for comprehensive risk management. The precise identification, assessment and management of risks has not only helped to mitigate potential threats, but has also improved the ability to identify and exploit opportunities. Transparent reporting has improved decision-making in the city administration and increased stakeholder confidence in the integrity and transparency of administrative processes. The City of Zurich can now respond proactively to new risks and opportunities and further strengthen its position as one of Switzerland’s leading cities.

Takeaways

• Swiss GRC and its GRC Toolbox enable the City of Zurich to efficiently integrate opportunity and risk management and the internal control system in one tool.
• The GRC Toolbox offers user-friendly functions for precise risk reporting, which leads to well-founded decisions at city council level.
• The implementation of Swiss GRC technology strengthens the City of Zurich’s risk management capabilities and creates a solid basis for comprehensive risk management.
• Transparent risk reporting improves decision-making and strengthens stakeholder confidence in the administration.
• Swiss GRC technology provides a flexible basis for adapting to changing risks and opportunities and strengthening the City of Zurich’s position as a leading Swiss city.