From a sustainability perspective, by better managing risk at Smart, we can improve our efficiency – which means better use of resources and less waste, alongside cost savings that can be channelled into further sustainability activity.
Smart’s risk management framework enables us to identify, evaluate and manage the risks which may prevent us achieving our sustainability objectives. Each part of Smart considers sustainability from a risk perspective, allowing us to understand the steps we need to take to improve our efficiency, in turn making better use of resources, reducing waste and making cost savings that can be channelled into further sustainability activity.
Sustainability is one of the key risks included in the risk appetite set by the board, and it reviews performance against this in the Audit and Risk Committee. As Smart grows, risk management is helping to create a culture of transparency around risk, process automation, audit, risk automation and remediation, in order to achieve our sustainability goals. The case studies here demonstrate how process innovation within our legal department has particularly contributed to managing risk sustainably at Smart.
Process innovation: Automated NDAs
Investing in risk management ensures that we comply with relevant regulations and standards. By implementing process automation alongside audit and risk measures, we can monitor our practices and identify potential compliance issues before they arise.
To help support Smart as a rapidly scaling business, our Legal Team has implemented processes that speed up their work and better support high request volumes. The first of these is an automated and standardised process for Non-Disclosure Agreements (NDAs), which has reduced turnaround times by 90% since its introduction. This new process is now established in both the UK and the US.
The reduction in turnaround times for NDAs highlights Smart’s dedication to operational efficiency and enhances our reputation among stakeholders as a responsible and forward-thinking organisation, driving greater trust and loyalty from our customers, investors and colleagues alike.
Process innovation: Contract repository system
We have implemented a contract repository system (by Linksquares) to enhance the accuracy and efficiency of managing Smart’s contracts. This system enables us to record and store all contracts, ensuring easy accessibility whenever needed. The introduction of renewal reminders has already proven beneficial, leading to cost savings by avoiding unnecessary auto-renewals. Additionally, the system provides comprehensive reporting data that empowers our teams to manage risk more effectively, particularly in critical areas such as finance, cyber security and procurement. By making well-informed decisions based on this data, we can drive improvements in our business practices and align our strategies with sustainability goals.