Veolia Water. Integrating performance and risk management to develop a more responsive and more profitable global enterprise

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1 PROFILES OF BEST-IN-CLASS ORGANIZATIONS Veolia Water Integrating performance and risk management to develop a more responsive and more profitable global enterprise

2 Veolia Water Transforms with Its New Operations Management System In the business world, the rearview mirror is always clearer than the windshield. Warren Buffett Warren Buffett s small-town wisdom has translated into risk-savvy financial success. His insight above also crystallizes two of the most pressing challenges that companies confront in the face of unprecedented volatility and complexity in the global marketplace: the twin needs for more foresight and responsiveness. To thrive amid growing uncertainty and opacity, organizations need to sharpen their forward-looking vision so that they can respond more quickly and effectively than competitors can to unexpected potholes, traffic and detours. The key to becoming more responsive to market dynamics, a concept Protiviti refers to as an early mover, is to recognize the signs of emerging opportunities and risks before they become common knowledge across the industry. Veolia Water, a Paris-based global leader in the environmental services industry, is honing its decision-making foresight as part of a transformational effort that Antoine Frérot, chairman and chief executive officer of parent company Veolia Environnement, describes as a strategy of profitable growth. 1 Veolia Water, one of three current branches within Veolia Environnement, developed a new Operations Management System that represents a central component, and a key enabler, of its transformational effort. The new system, based upon Protiviti s Performance/Risk Integration Management Model (PRIM 2 ), integrates risk management and performance management in a way that sharpens the company s view through its windshield while equipping managers with the objective insights they need to respond faster and more effectively to changing conditions on the road ahead. Although the implementation of the Operations Management System remains an ongoing, enterprisewide effort, it has already contributed value. Despite ongoing economic concerns in Europe and lingering effects Annual Results, Veolia Water press release, March 1, P R O T I V I T I V E O L I A W A T E R 1

3 from the global financial crisis on the large municipal customers Veolia serves, the company achieved 3.1 percent revenue growth and a 7 percent increase in its free cash flow during its most recent fiscal year (2011). Generating additional cash flow marks a primary objective of the new Operations Management System, which is designed to achieve the following benefits: Create a common language (the Branch Common Language ) shared by local management of all branch support functions to ensure all parts of the company are aligned and working together to support the enterprise s focus on achieving its overall performance goals. Greatly strengthen organizational responsiveness and adaptation to changes in market conditions and in the execution of long-term contracts with customers. Facilitate the decision-making process to bring greater clarity to the approach to monitoring operational performance. Stimulate the sharing of best practices among different facilities and also among different branches and branch support functions. Enable the company to clarify and better price the added value Veolia Water delivers to its customers. The groundwork for the new Operations Management System began in 2008 when Veolia Water undertook a two-year effort to integrate its internal control and risk management functions. The work continued in 2010 as Veolia Water elected to adopt Protiviti s PRIM 2 as the basis for meeting its unique organizational structure and strategic needs. 2 That two-year effort helped create the new Veolia Water Operations Management System. The PRIM 2 methodology is designed to help companies: 1. Communicate and deploy strategy effectively in a consistent manner across the enterprise. 2. Proactively identify, source and mitigate the risks inherent in the strategy and understand how the enterprise s risk profile relates to its risk appetite. 3. Ensure the seamless integration of strategic plans, risk management and performance management in the execution of the strategy. 4. Create real-time transparency into the operations of the enterprise to measure current performance and predict future trends in order to facilitate the alignment of strategy and performance and risk management continuously over time. 3 Veolia Water Head of Corporate Governance, Risk, Compliance and Management Systems Jean-Philippe Franchi, who leads the Operations Management System effort, describes Veolia Water s adapted approach (based on Protiviti s PRIM 2 approach) as an important piece of the puzzle, and one that helps the business monitor all of its projects and customers to determine the real sources of cash flow based on an objective assessment process. The PRIM 2 approach and the way it works in our Operations Management System ultimately gives us more confidence, JP Franchi notes. Our negotiations with customers and nearly all of our investment decisions are based on hard evidence now. We can objectively determine the added value we deliver to customers. Given the uncertain and perilous stretch of economic road all global companies now see through their windshields, that confidence to drive ahead in a highly responsive manner may be the most valuable outcome to date of Veolia Water s ongoing transformation to a strategy of profitable growth. 2 Performance/Risk Integration Management Model PRIM 2 : The Convergence of Corporate Performance Management and Risk Management, Protiviti, 2011, 3 Ibid. P R O T I V I T I V E O L I A W A T E R 2

4 About Veolia Water Veolia Water is one of three branches within Veolia Environnement (Paris Euronext: VIE and NYSE: VE), a worldwide leader in environmental solutions. Based in Paris, operating in 75-plus countries and employing roughly 330,000 employees around the world, Veolia Environnement is the only global company to provide tailored solutions to meet the needs of municipal and industrial customers in three complementary segments: water management, waste management and energy management. The company s relationships with customers, both public and private, typically involve long-term complex solutions governed by multiyear contracts that are often updated and amended over time. Some of these solutions have required the creation of joint ventures between Veolia and its customers, and some also have required Veolia to make significant, upfront capital investments. Both of these dynamics can intensify the complexity of the relationships. But it is also a sign of the times as companies cement upstream relationships with suppliers and downstream relationships with channel partners and customers, a stronger focus on creating value-added synergies within the value chain. The company s Veolia Water branch specializes in the outsourced management of water and wastewater services for local authorities and industrial and service sector clients. Veolia Water is also a world leader in the design, build and operation of facilities for water and wastewater systems using a wide variety of technologies. The energy branch delivers customized, end-to-end solutions for efficient energy supply and use, including the management of heating networks and energy and fluid production plants, energy plant engineering and maintenance services, technical services for commercial and industrial building operations and comprehensive building management services. The company s Environmental Services branch provides environmental and logistics services (including collection, pipe systems maintenance, urban cleaning services and waste flow management), and treats and recycles waste. Veolia Environnement recorded revenue of 29.6 billion (excluding revenue in the company s transportation branch, which is currently being divested) in In 2011, Veolia Environnement: Employed more than 330,000 people around the world; Provided 103 million people with drinking water and 73 million with wastewater services; Managed 60 million metric tons of waste; and Met the energy needs of industrial, municipal and individual customers at 120,000 facilities. In late 2011, the company announced the progressive withdrawal from its transportation activities (previously a fourth business branch). This divestiture is part of a transformation plan, approved by the company s board, designed to restore Veolia Environnement to a more profitable growth trajectory. The strategy involves numerous ambitious objectives, including asset divestments, the evolution of new business models and cost reductions. P R O T I V I T I V E O L I A W A T E R 3

5 Why Veolia Transformed Macroeconomic forces and changing customer expectations and financial pressures required Veolia Water to drastically improve its traditional business management systems. In the wake of the global economic crisis, for example, many municipal customers pulled back their spending due to budgetary constraints, a trend that is expected to continue. And while JP Franchi praises the customer relationship management expertise in the field, he also notes that his colleagues in the field who managed customer contracts expressed a desire for a more structured, standardized and holistic approach to managing the finances, including the ongoing performance and risks of each contract. Transformation Enabled by Integration The new Operations Management System came to fruition thanks to a significant amount of foundational work that dates back to This work includes two major initiatives, one of which integrated internal controls and risk management (ICRM) within Veolia Water; the other integrated performance management and risk management within Veolia Water. The first integration, which centered on ICRM, was in large part driven by a collection of major regulatory changes, including ongoing compliance demands posed by the Sarbanes-Oxley Act in the United States, the Financial Security Law in France and the 8 th European Directive. The latter imposes a similar level of regulatory requirements on European companies that Sarbanes-Oxley imposes on U.S. Securities and Exchange Commission (SEC) registrants. The intent of both laws is also similar to strengthen investor confidence. The 8 th European Directive creates a number of legal obligations for European companies and, specifically, their boards of directors, audit committees, senior management and independent auditors. These compliance requirements, along with the fact that rating agencies now incorporate evaluations of enterprise risk management effectiveness into their ratings, provided the business motivation for Veolia Water s Internal Control Department to propose a new risk management system that embeds internal controls over financial reporting into risk management. The objective of this integration was to strengthen the relationship between operations, finance, and all other support functions, especially on matters of risk management and compliance. Specifically, the integration was intended to promote a common language with which to monitor and manage regulatory risk, along with all other risks. Veolia Water designed the integration to create a standard risk management approach, one that facilitates benchmarking and the sharing of best practices. Once this integrated approach was in place, Veolia Water saw a traditional question How can we meet shareholder expectations of balance between value creation and value protection? in a new and different light. In 2010, this question had taken on a new sense of urgency at all companies, including Veolia Water, as they struggled to create and protect enterprise value in a much more volatile and complex global operating environment an environment that was likely to continue in the foreseeable future. Since creating value was the desired outcome of performance management processes and protecting value was the desired output of risk management capabilities, Veolia Water sought meaningful ways to integrate these capabilities so that the tension created between the seemingly conflicting objectives could be managed to find the appropriate risk/reward balance. Doing so would bring additional rigor to performance management activities, which would help restore profit growth to levels the company had achieved before the global financial crisis. This integration would also help broaden and deepen the company s risk management capability so it could be applied in a more proactive manner to activities (operational and strategic risks) beyond compliance and financial reporting. P R O T I V I T I V E O L I A W A T E R 4

6 We wanted a more holistic collection of risk and performance metrics that would give us greater visibility and enable us to make strategic decisions in a more responsive, even proactive way, says JP Franchi, who adds that the core elements of Protiviti s PRIM 2 approach served as a useful guide for thinking through how to enable the performance and risk management integration initiative at Veolia Water. These core elements include an overall governance capability, which maintains a flexible corporate structure that optimizes the balance between the entity s value-creation objectives and performance goals (ASPIRE) with the policies, processes and controls necessary to manage risk in a way that preserves value (PROTECT). This balance is struck by setting key metrics and targets (AIM). These metrics translate strategy and risk appetite into performance expectations so that the enterprise can achieve its risk-adjusted aspirations (see Figure 1 below). Figure 1: Performance/Risk Integration Management Model (PRIM 2 ) The metrics selected must enable the organization to track progress toward the achievement of strategic objectives, mitigation of risks, and compliance with internal policies and external regulations, notes JP Franchi. It is at this point where risk management truly intersects with performance management. Traditional key performance indicators (KPIs) and key risk indicators (KRIs) converge to create a single basket of metrics, from which performance targets are set. Necessarily, this AIM process is ongoing at Veolia Water, powered by planning, measuring and adjusting once the objectives have been achieved (or need to be changed). P R O T I V I T I V E O L I A W A T E R 5

7 Don t Call It a Tool: The New Operations Management System JP Franchi emphasizes the importance of selecting the right metrics and related indicators, especially those related to risk. Risk classification is the backbone of our risk identification and quantification processes, he asserts (see Risk Management Model Snapshot sidebar). And the PRIM 2 -inspired integration of performance and risk management serves as the backbone of the new Operations Management System. The objectives of the new system Veolia Water created and implemented were to: Develop new approaches to face marketing business model mutations and identify new performance leverages. Demonstrate Veolia Water s responsibility and added value of its business model toward its clients, shareholders and rating agencies. Build systems to evaluate and monitor the performance of Veolia Water. Improve communication by enriching financial and finance reporting, with analyses, of the performance of any event that can impact the organization positively or negatively. The new Operations Management System was created by the convergence of existing processes, policies, best practices, data repositories and tools. We agreed that the objective would not be to reinvent the wheel but to use existing systems and approaches we had already implemented, JP Franchi explains. That said, he also asserts that the new system is just that. It s not a tool, JP Franchi emphasizes. It s truly a methodology. Moreover, the new Operations Management System is a methodology that a) leverages existing processes and expertise, particularly the customer-relationship management expertise in the field, and b) enables the company to evaluate each contract (and customer relationship) on several dimensions rather than one. Before the new system was implemented, Veolia Water frequently assessed the health of a contract with a rearview-mirror indicator financial performance. Through that approach, a lucrative contract might look good at first glance, even as major risks and costs lurked below the surface. Today, the ongoing performance of each contract is evaluated, in real time, according to the relationship s financial performance (as measured by eight to 10 financial indicators), the operational performance (as measured by five to 10 relevant KPIs these include a description of the action plans), and risks (as measured by five to 10 relevant risk indicators). In the past, we made decisions based only on the financial performance of the project [i.e., customer contract], explains Guillaume Frangville, Corporate Governance and Performance Management Officer. Now, we make the same decisions with better information culled from three dimensions of the project: financial performance, operational performance and the risk assessment. P R O T I V I T I V E O L I A W A T E R 6

8 EXAMPLES OF VEOLIA S KEY INDICATORS Key Performance Indicators (KPIs) KPIs are attached to business processes. Examples include: Electricity consumption per m 3 produced in drinking water plant Index of compliance of quality of effluent discharged Customer service: average waiting time for customers contacting the call center Collection period: Days Sales Outstanding (DSO) HR turnover rate Accident frequency rate Carbon footprint Key Risk Indicators (KRIs) KRIs refer to items addressed in the risk management system. Examples include: Fitness for use : Contractual commitments not fulfilled, which results in a penalty or a bonus Conformance to standards : Risk of overcosts or savings resulting from the obligation to meet standards Customer service: average waiting time for customers contacting the call center Financial failure of the client Costs of production variation This more holistic and real-time view delivers other advantages. We can look at the embedded risk of a project as well as its operational performance, G Frangville continues. When we do, we are able to see where we have room to improve the financial performance. Armed with this more expansive perspective, we can more efficiently select the performance enhancement action plans and allocate the necessary resources, which is essential in a context where we need to generate additional cash flows with relative financial resources scarcity. Decision-making concerning Veolia Water s customer portfolio has also improved. By developing greater visibility into each contract s financial, operational and risk dimensions, Veolia Water can now segment its customers based on a more holistic view of their profitability and long-term value to Veolia. P R O T I V I T I V E O L I A W A T E R 7

9 Risk Management Model Snapshot As part of its new Operations Management System, Veolia Water s integrated performance and risk management capabilities give managers and employees a common methodology, and language, to evaluate performance in a responsive manner. A key definition in this language is risk, which is defined as any significant event likely to affect the performance objectives of a contract positively (i.e., opportunities) or negatively (i.e., threats). This risk management approach relies on a four-step process: 1. Risk identification 2. Risk assessment (in which the impact, likelihood and risk level of each risk is determined) 3. Implementation of action plans (when current risk levels exceed risk appetite) 4. Risk communication This risk analysis is conducted at the operations (contracts with client) level, by country and also at the corporate level (support functions analysis). The risk classification scheme used to conduct these analyses serves as the backbone of this overall risk management capability, according to JP Franchi. The scheme includes four impact domains: 1. Human resources 2. Environment 3. Image (or reputation) 4. Financial The first three social responsibility domains receive impact ratings of 1 (very low) to 5 (very high). Financial impacts are evaluated using the most relevant of the following methods: Risk on the achievement of the annual budget Risk on the economy of the contract, in local currency, for a one-year effect These potential financial impacts also are designated as recurring or nonrecurring. Additionally, Veolia evaluates each financial impact using standard indicators, contract-specific indicators or scale. P R O T I V I T I V E O L I A W A T E R 8

10 Veolia Water Management Cockpit Helping the decision-making process Where I am Key Performance Indicators Integrated Operations Management System Cost allocation Reference frame Performance Quality Risks based on processes Risk Management System What I anticipate 2007 Financial Statements and Extra Financial Reportings What happened Enhancing Performance Improved Vision of Performance and Risks It really comes down to the fact that we now have a different vision, confirms JP Franchi. Thanks to the new Operations Management System, Veolia Water expects to see a more profitable future on the horizon. By expanding the criteria it uses to evaluate the health of a customer relationship, project or prospective customer (one it may bid on), Veolia Water is developing the ability to obtain a more accurate snapshot of the complete value of a contract at any point in time. Armed with this evidence, Veolia Water is now able to negotiate and renegotiate based on fact and, even more important, create action plans to limit risks and/or maximize opportunities it spots looking forward through the windshield. Despite the uncertainty and volatility that define the current global marketplace, Veolia Water can state with increased confidence that the road ahead looks better than it did using the performance rearview mirror, thanks to a new system that, through the integration of performance management and risk management, delivers better foresight and greater responsiveness. P R O T I V I T I V E O L I A W A T E R 9

11 About Protiviti Protiviti (www.protiviti.com) is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit. Through our network of more than 70 offices in over 20 countries, we have served more than 35 percent of FORTUNE 1000 and Global 500 companies. We also work with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half International Inc. (NYSE: RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index. Our Services PRIM 2 is a framework for converging and integrating strategy-setting, performance management and risk management with the objective of positioning the company as an early mover. Protiviti s services help your organization realize this convergence by delivering deep business insight based on a holistic view of the enterprise. Our Performance and Information Management services address the business challenges facing executive, finance and operational decision-makers throughout the organization. Using best-of-breed, state-of-the-art software, our clients have fast and easy access to trusted financial, operational and risk information, enabling a deep understanding of how value is created and protected, and delivering strategic insight so decision-makers can better anticipate future business outcomes and receive better information for decision-making. We also recognize that risk is a vital aspect of managing an enterprise and delivering performance against strategic objectives. Our comprehensive risk management services complement our Performance and Information Management solutions by helping companies improve their enterprisewide capabilities to identify, source, measure, manage and monitor the critical risks inherent in their corporate strategy and business plans, while incorporating the foundational risk management and controls provided by powerful governance, risk and compliance (GRC) software tools. The objective is to enhance strategy-setting and performance management with the intent of positioning the enterprise to become an early mover. For more information about the issues discussed in this white paper and/or Protiviti s services, please contact: Jay Thompson Leader, Performance and Information Management Solutions Michael McGarry Cory Gunderson Leader, Risk and Compliance Solutions Matt McGivern Jim DeLoach P R O T I V I T I V E O L I A W A T E R 1 0

12 THE AMERICAS EUROPE UNITED STATES FRANCE ITALY THE NETHERLANDS Alexandria Atlanta Baltimore Boston Charlotte Chicago Cincinnati Cleveland Dallas Denver Fort Lauderdale Houston Kansas City Los Angeles Milwaukee Minneapolis New York Orlando Philadelphia Phoenix Pittsburgh Portland Richmond Sacramento Salt Lake City San Francisco San Jose Seattle Stamford St. Louis Tampa Washington, D.C. Woodbridge Paris GERMANY Frankfurt Munich MIDDLE EAST BAHRAIN Manama* Milan Rome Turin OMAN Muscat* Amsterdam UNITED KINGDOM London ARGENTINA Buenos Aires* BRAZIL Rio de Janeiro* São Paulo* CANADA Kitchener-Waterloo Toronto MEXICO Mexico City* Monterrey* PERU Lima* VENEZUELA Caracas* KUWAIT Kuwait City* UNITED ARAB EMIRATES Abu Dhabi* Dubai* ASIA-PACIFIC AUSTRALIA INDIA SINGAPORE Brisbane Canberra Melbourne Perth Sydney CHINA Beijing Hong Kong Shanghai Shenzhen Bangalore Mumbai New Delhi INDONESIA Jakarta** JAPAN Osaka Tokyo Singapore SOUTH KOREA Seoul * Protiviti Member Firm ** Protiviti Alliance Member 2012 Protiviti Inc. An Equal Opportunity Employer. PRO-PKIC Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.

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