What are the challenges and opportunities motor fleet managers are exposed to in 2024

What could trip you up or what could you miss out on as motor fleet manager in 2024

Navigating the Road Ahead: Key Risks Every Motor Fleet Manager Should Prioritise in 2024

With 2024 stretching out before us like a freshly paved highway, motor fleet managers buckle up for a journey through a dynamic and ever-evolving landscape. While the thrill of operational efficiency and cost reduction lingers, lurking around the bend are potential potholes in the form of emerging risks. To ensure a smooth ride for your fleet, it’s crucial to identify and prioritise these challenges, turning them into opportunities for growth and resilience.

The Top 5 Risks for Motor Fleet Managers in 2024:

1. The Ever-Escalating Fuel Cost Tsunami:

Fuel prices, notoriously fickle, are predicted to remain buoyant in 2024, driven by geopolitical tensions and global supply chain disruptions. This translates to a direct hit on fleet profitability, demanding creative optimisation strategies.

Solutions:

  • Embrace fuel-efficient vehicles: Invest in modern trucks and cars equipped with aerodynamic designs, fuel-saving engines, and hybrid or electric alternatives.
  • Implement telematics for route optimisation: Leverage technology to track routes, identify inefficiencies, and plan fuel-efficient journeys.
  • Encourage eco-driving practices: Train drivers on techniques like smooth acceleration, maintaining optimal speeds, and minimising idling to maximise fuel efficiency.
  • Explore alternative fuels: Consider adopting electric, hybrid, or compressed natural gas (CNG) vehicles, depending on your fleet’s needs and infrastructure availability.

2. The Driver Shortage Drought Persists:

The ongoing driver shortage shows no signs of abating, making recruitment and retention a herculean task. This not only disrupts delivery schedules and increases operational costs but also poses safety risks due to driver fatigue and overwork.

Solutions:

  • Invest in driver training programs: Develop comprehensive training programmes to attract new drivers, upskill existing personnel, and improve safety standards.
  • Offer competitive compensation packages: Provide competitive salaries, benefits packages, and bonuses to attract and retain top talent.
  • Prioritise driver well-being: Implement initiatives like flexible work schedules, comfortable amenities in vehicles, and stress management programs to foster a positive work environment and reduce turnover.
  • Leverage technology to streamline workflows: Utilise fleet management software to automate tasks, reduce paperwork, and provide drivers with easy-to-use tools, freeing up their time and improving job satisfaction.

3. The Compliance Chasm Widens:

The regulatory landscape for motor fleets is constantly evolving, with complex rules and ever-tightening deadlines. Non-compliance can lead to hefty fines, reputational damage, and even operational shutdowns.

Solutions:

  • Implement robust compliance management systems: Invest in software or hire specialists to track regulations, manage deadlines, and ensure compliance across all aspects of your fleet operations.
  • Partner with reputable consultants: Seek guidance from experts who stay updated on the latest regulations and can help you navigate the complexities of compliance.
  • Stay updated on regulatory changes: Actively follow industry publications, attend conferences, and subscribe to compliance alerts to stay ahead of the curve.

4. The Cybersecurity Cyclone Gains Strength:

As more fleets embrace connected vehicles and telematics, the risk of cyberattacks increases. Vulnerable systems can expose sensitive data like driver information, route plans, and operational details, potentially disrupting operations and causing reputational damage.

Solutions:

  • Invest in cybersecurity solutions: Implement firewalls, intrusion detection systems, and data encryption technologies to protect your fleet’s network and data.
  • Conduct regular vulnerability assessments: Regularly audit your systems for vulnerabilities and patch them promptly to minimise the risk of cyberattacks.
  • Educate drivers on cyber hygiene practices: Train drivers on identifying suspicious activity, avoiding unsecured networks, and practicing strong password management.

5. The Sustainability Crossroads: A Defining Moment:

Environmental concerns are gaining momentum, pushing fleets towards sustainable practices. Pressure from stakeholders, regulators, and consumers demands action. Embracing sustainability isn’t just a feel-good initiative; it can lead to cost savings, improved brand image, and future regulatory compliance.

Solutions:

  • Invest in alternative fuel vehicles: As mentioned earlier, explore electric,hybrid, and CNG options to reduce carbon emissions and dependence on fossil fuels.
  • Optimise routes for reduced emissions: Utilise telematics to plan fuel-efficient routes, minimise detours, and avoid congested areas.
  • Adopt eco-friendly maintenance practices: Implement preventative maintenance to improve fuel efficiency and reduce emissions, invest in green cleaning products, and consider using recycled materials for repairs.
  • Implement transparent sustainability reporting: Track your fleet’s carbon footprint, measure progress towards sustainability goals, and publish transparent reports to demonstrate your commitment to the environment.

Beyond the Top 5: Emerging Risks on the Horizon

Beyond these immediate threats, motor fleet managers must keep their eyes peeled for emerging risks, such as:

  • The AI Integration Avalanche: While artificial intelligence holds immense potential for optimising fleet operations, ethical considerations and data privacy concerns must be addressed. Implementing AI requires careful planning, training, and transparency to ensure responsible and ethical use.
  • The Automation Earthquake: The rise of autonomous vehicles will necessitate a fundamental shift in fleet management strategies and workforce skills. Preparing for this transition by upskilling current employees and exploring partnerships with autonomous technology companies is crucial.
  • The Talent Tsunami: Attracting and retaining skilled personnel for fleet management roles will require innovative approaches and competitive offerings. Offering remote work options, career development opportunities, and competitive compensation packages will be key in attracting and retaining talent in a diverse and competitive job market.

Conclusion: Embracing Agility and Proactive Planning for a Smooth Ride

The road ahead for motor fleet managers in 2024 is indeed paved with challenges and opportunities. By prioritising these key risks, embracing agility, and proactively planning for the future, fleet managers can navigate the ever-changing landscape and drive their operations towards success. Remember, a successful fleet management strategy is a dynamic one, constantly adapting to the twists and turns of the road. So, buckle up, keep your eyes on the horizon, and prepare for a thrilling ride in 2024 and beyond.

Get help to protect ad grow your business

Contact Us

Subscribe for free business risk alerts and risk reviews

Contact Us

Read more business risk management articles

Contact Us

Financial success always beats other stakeholder interests?

Incorporating all stakeholders interests in business decision making with BusinessRisk.com

Do you want financial success in terms on capital value increase and dividend increases? Are you prepared to sacrifice the interests of other stakeholders to achieve this? Is long term business sustainability less important than short term financial success?

You can be very financially successful and still fail. When financial success is pursued at the expense of other stakeholders interest you have a recipe for catastrophic failure eventually.

ESG Articles

Responsible Investing with Environmental Social Governance ESG Risk Analysis

Shareholders and customers are stakeholders in the business performance not just senior management team. Pushing for bonuses at the expense of other stakeholders interests has always resulted in catastrophic losses.

Pick a more balanced risk management strategy for the benefit of all stakeholders

The financial crisis in 2008 is the most recent near systemic collapse due to poor senior management team business decisions. The senior management teams were very good at creating extra value for themselves which will have long term benefits but their customers and shareholders in the financial crisis of 2008 have lost big time and many have yet to recover lost business value.

The sad fact is that shareholders or rather their representatives pension and investment fund managers have accepted and fuelled the poor decision making of senior management teams by being part of the problem. They have misrepresented big business owners long terms interests by allow senior management teams to get away with bad business decision making that only interests the senior management teams not shareholders or customers.

Better Business Decision Making Faster Business Growth More Corporate Enterprise Success

Find ways to grow faster and protect your business better

Senior management teams are not taking enterprise risk management methodology onboard. Too often they pay lip service to the principles and practices of enterprise risk management.

  • Poor risk management cultures continue to dominate
  • Poor compliance standards are being accepted and even encouraged
  • Systemically poor risk management practices flourish on basis of a level playing field. They are doing it to make money so so should we

Enterprise risk management practices and processes need to be improved to prevent future catastrophic systemic collapses in business.

Adopt enterprise risk management methodology to improve your business performance

Guide to better business protection with BusinessRiskTV

Guide to better business protection with BusinessRiskTV

Governments and self regulating bodies need to drive business improvements with carrots and sticks. Personal accountability at board level is necessary before good enterprise risk management practices will be embedded. If business leaders cannot see the wood from the trees than they need to be forced to open their eyes.

Short term greed is prevalent within our corporate structures. If our oversight by governments and professional bodies do not pull their their fingers out then economic and social catastrophes lie ahead in the next decade.

There is more to business than short term profit maximisation. However too many business leaders do not hold to this view. Their greed will take us closer to the cliff edge if they are not forcefully stopped.

Plan for long term business resilience

Do our business leaders and politicians really understand corporate risks and how this will impact on society?

Do they care? Too often the answer must be no. So they must be made to care by other people in our capitalist society. Capitalism is the best system on which to base our future but it should not be left to greedy people to rape the good that comes from capitalism.

Political Risks Forum

Profit maximising corporations are not the flagships of capitalism. There is more to business life than profit. Reconciling business priorities is not easy. It is made easier with enterprise risk management principles and practices. Develop a more successful stakeholder management strategy for your business with BusinessRiskTV.

Creating business value is not just about creating more profit but we can make you more profitable too

BusinessRiskTV

Use better stakeholder management to drive future success and growth for the long term.

Subscribe to BusinessRiskTV for free alerts and bulletins from top business thought leaders locally and globally

Promote and market your business on BusinessRiskTV for 12 months

Effective Digital Marketing Strategy

Reach influencers key decision makers and the business leaders who will buy from your business

Read management articles and view videostream

Develop a more holistic enterprise risk management approach to business management for long term business success.

MarketplacesExhibitions
Save MoneyRisk Magazine

#BusinessRiskTV #360BusinessClub #HolisticRiskManagement #EnterpriseRiskManagement #RiskManagement #PoliticalRisksForum #BusinessClub #InBusiness #Stakeholders #Sustainability #DecisionMaking #Leadership #Culture #FutureOfWork #StakeholderInterests

BusnessRiskTV Financial success always beats other stakeholder interests?

Expert Network Business Experts In Their Country or Industry

Expert network helping business leaders manage business risks better on BusinessRiskTV.com

Leading experts in their industry or country come together to make business decision making easier. Discover the best business practices quicker. Exchange business risk management information. Ask how to overcome business barriers.

Governance risk and compliance expert network offering you tips help and support to manage business risks

BusinessRiskTV
Business Experts To Solve Every Business Problem

Subscribe to BusinessRiskTV.com for free enter code #BusinessExperts

Subscribe to BusinessRiskTV for free governance risk and compliance tips to your inbox from our experts network

Enter code #ExpertsNetwork

Promote and market your business on BusinessRiskTV for 12 months

Cheap ways to promote your business

Find out how to promote your business locally and globally. CLICK HERE to find out more.

MarketplacesExhibitions
Save MoneyRisk Magazine

Discover new ways to protect and grow your business with BusinessRiskTV

#BusinessRiskTV #ExpertNetwork #ExpertsNetwork #ExpertNetworks #ExpertNetworking #ExpertsNetworking #ExpertsInBusiness

BusinessRiskTV Expert Network Business Experts In Their Country or Industry

Business Risk Reviews With BusinessRiskTV

Understand key business risks facing your business with help from BusinessRiskTV

Subscribe for free to BusinessRiskTV for alerts and bulletins

What should you be worried about? What are you doing you should not be doing in business? What are you not doing that you should be doing?

Enter code RISKREVIEWS

Recommended risk review articles events training and videos

AcademyMarketplaces
ExhibitionsRisk Magazine

BusinessRiskTV Business Risk Reviews

Develop enterprise wide risk management strategy and risk management framework BusinessRiskTV Enterprise Risk Management Framework Tips Advice and Support

Grow your business today with less uncertainty with BusinessRiskTV

Drive the identification reporting and cost effective management of all risks across the enterprise. Learn how to create an efficient risk management framework. See our enterprise risk management solutions for your business problems.

Develop a structured approach to enterprise risk management ERM. Use enterprise wide risk management to identify assess and manage all significant business risks.

Tackle changing and emerging business risks to effectively manage uncertainty better to boost business performance. Free 360 degree view of the business world. Access the business intelligence and risk knowledge to make business decisions more confidently.

BusinessRiskTV

Upgrade your risk management governance and compliance framework and practices. More effectively implement an enterprise wide risk based approach to strategic operational and project risks.

Subscribe to BusinessRiskTV for free alerts on enterprise wide risk management

Connecting business leaders locally and globally

Finding the latest best business practice can be time consuming or unfruitful. We make it easier.

Searching for what you need to inform your business decision making is free. Come back often to find the best of business quickly. Pick up the latest business risk management news headlines opinions debate and business reviews.

CLICK HERE to receive free Risk Bulletins and Risk Alerts to help inform your business decision making

Do you own or manage a risk management consultancy business?

Business leaders do not always have the marketing budget to promote their business. We provide a range of online marketing options for businesses to fit most budgets so you can promote your business products or services for longer.

Become Enterprise Risk Management Framework Tips Advice and Support Post sole sponsor for 12 months

Paypal is an independent third party payment system provider. We will never see your full payment details. Pay with your credit or debit card and be protected by Paypals secure systems.

Sponsor Enterprise Risk Management Framework Tips Advice and Support Post for 12 months

When Paypal tell us your sponsorship fee has cleared to our account we will

  1. Email you to get your logo or image an link it to your business website
  2. We will also ask for more information about your business to create a business review to promote your business
  3. We will include all your preferred contact details to make it easy for new potential customers to buy from you instead of your competitors

Alternatively click on subscribe button below to find other ways of promoting your business more cost effectively.

CLICK HERE to discover innovative ways to promote and market your business more profitably for longer

Recommended articles and videos trending on BusinessRiskTV

MarketplacesDeals Online
ExhibitionsRisk Management

BusinessRiskTV Enterprise Risk Management Framework Tips and Advice

Fiduciary duties owed to investors BusinessRiskTV Investment Advisers

Investing better with BusinessRiskTV

The regulation of investment funds insurance companies and banks in Europe is fragmented in terms of consumer protection. This may expose the individual consumer of financial products and services to unnecessary risks. Trying to change this is near impossible for practical and political time reasons. It would take too long to change this and there is not the political timetable to make it happen ever. However it means that the financial services industry needs to accept duplication of reporting and higher than needed regulatory and risk management compliance costs.

The way to protect consumers of financial products is to adopt enterprise risk management principles and practices in the management of investment fund insurance company and banking risks.

BusinessRiskTV

The financial services industry should maintain its focus on whether high quality financial services best practices are being provided for the benefit of the consumer the financial services business and the financial services business leaders.

Amber Rudds proposal to jail people for up to 7 years who wilfully or recklessly manage or handle pension funds in UK may be another indicator of a desire to tackle the financial services industry’s inability to properly protect the end benefactor of investment related products.

BusinessRiskTV

In terms of governance risk culture and conduct outcomes for customers there is increasing focus on named individuals and clarity of roles. Risk Management governance and compliance failure will increasingly result in repercussions for those charged with the responsibility for governance and compliance.

Product conduct risk governance and disclosures are rising. Financial advisers will become more accountable to act in best interest of clients. BusinessRiskTV can help with your duty of care.

Subscribe to BusinessRiskTV for free

Helping connect people and businesses

Finding the latest best investment tips advice and support can be time consuming or unfruitful. We make life and business easier and better.

Searching for what you need to inform your decision making is free. Come back often to find the best of business online quickly. Pick up the latest lifestyle and business risk management news headlines opinions debate and business reviews.

CLICK HERE to register for free for investment tips advice and support

Are you an investment adviser or own an investment adviser business?

CLICK HERE to discover innovative ways to promote and market your business more profitably for longer

Business leaders do not always have the marketing budget to promote their business in Aberdeen and beyond. We provide a range of online marketing options for businesses in Aberdeen to fit most budgets so you can promote your business products or services for longer.

Paypal is an independent third party payment system provider. We will never see your full payment details. Pay with your credit or debit card and be protected by Paypals secure systems.

Sponsor Investment Advisers Post for 12 months

Name of your business

When Paypal tell us your sponsorship fee has cleared to our account we will

  1. Email you to get your logo or image an link it to your business website
  2. We will also ask for more information about your business to create a business review to promote your business
  3. We will include all your preferred contact details to make it easy for new potential customers to buy from you instead of your competitors

Alternatively CLICK HERE to find other ways of promoting your business more cost effectively.

Recommended articles and videos

Enterprise Risk Adviser Magazine
Responsible Investing
How To Invest For Your Future
Personal Finance Forum
Financial Services Industry Risks Forum
AcademyMarketplaces
ExhibitionsRisk Magazine

BusinessRiskTV Investment Advisers

Compliance Law Regulations BusinessRiskTV Regulatory Compliance

Understand country and industry regulations and standards. Learn how to comply and prosper. Integrate compliance with enterprise risk management ERM.

Safeguard and protect your organisation and all stakeholders in the organisation.

  • Manage risks better
  • Increase productivity
  • Enable faster business growth.

Ensure you are fully aware of and comply with relevant laws standards and regulations in your country and industry.

Helping connect business leaders with legal risk management experts to solve regulatory compliance issues quicker

Finding the latest best regulatory compliance solutions can be time consuming or unfruitful. We make business decision making easier.

Searching for what you need to inform your regulatory compliance enterprise decision making process is free. Come back often to find the best of regulatory compliance quickly. Pick up the latest regulatory compliance news headlines opinions debate and business risk expert reviews.

Connect with legal experts to manage your enterprise risks better

All employees need to understand and comply with laws rules and regulations applicable to their jobs. When they or you need advice come back here for free.

Take compliance seriously but find new ways to embed it within your risk management framework and risk assessment processes.

BusinessRiskTV.com

We work with legal risk management experts around the world to help inform you enterprise decision making for greater success.

Subscribe to BusinessRiskTV Regulatory Compliance for free to receive email alerts to updates and highlights

Subscribe for free for legal risk management tips advice and support CLICK HERE

Become Regulatory Compliance sole sponsor for 12 months.

Business leaders do not always have the marketing budget to promote their business. We provide a range of simple online marketing options for businesses to fit most budgets so you can promote your business products or services for longer.

Paypal is an independent third party payment system provider. We will never see your full payment details. Pay with your credit or debit card and be protected by Paypals secure systems.

Sponsor Regulatory Compliance Marketplace for 12 months

Name of your business

When Paypal tell us your sponsorship fee has cleared to our account we will

  1. Email you to get your logo or image an link it to your business website
  2. We will also ask for more information about your business to create a business review to promote your business
  3. We will include all your preferred contact details to make it easy for new potential customers to buy from you instead of your competitors

Alternatively CLICK HERE to find other ways of promoting your business more cost effectively

Promote Market and Advertise Your Risk Management Course On BusinessRiskTV

Recommended articles and videos

Online MarketplacesCreate Your Own StoreOnline Exhibitions
Faster GrowthDeals Discounts OffersBusiness Tips
Sell More OverseasLeadership TrainingBreaking News
[ninja_forms id=2]

BusinessRiskTV Regulatory Compliance

Failure Of Governance

Poor corporate governance endangers the existence and success of businesses

Learn how to improve the way you do things in business

Looking at the costs of failure of governance. Good governance can be expensive but not compare to the cost of governance failure.

The risk of enterprise failure increases with inadequate governance risk and compliance processes

There are many examples of the biggest firms in the world collapsing due to bad risk management practices. Good corporate governance risk and compliance systems build business resilience and can improve business performance.

Corporate Governance Failure
Subscribe to BusinessRiskTV for latest news headlines opinions risk analysis and reviews of success and failure in business

Subscribe to BusinessRiskTV for latest news headlines opinions risk analysis and reviews of success and failure in business

Managing Business Rules

There are several techniques that can be useful for managing business rules in an organisation. Here are some recommendations:

Documenting business rules: One of the most important techniques for managing business rules is to document them in a clear and concise manner. This can include using a variety of formats such as decision tables, flowcharts, and natural language descriptions.

Centralising business rules: To avoid inconsistencies and duplication of effort, it is advisable to centralise the management of business rules. This can be done using a dedicated software tool or a repository that stores the rules and makes them accessible to relevant stakeholders.

Version control: It is crucial to keep track of changes to business rules over time, especially when multiple stakeholders are involved. Version control techniques such as branching and merging can help in managing changes to business rules.

Testing and validation: Business rules should be tested and validated thoroughly to ensure their accuracy and effectiveness. This can be done using a variety of techniques such as unit testing, integration testing, and user acceptance testing.

Auditing and monitoring: Regular auditing and monitoring of business rules can help to identify any potential issues or areas for improvement. This can be done using automated tools or through manual reviews.

Governance and ownership: Establishing clear governance and ownership of business rules is essential to ensure that they are being managed effectively. This can include assigning ownership to specific individuals or teams and establishing processes for reviewing and approving changes to business rules.

By following these techniques, organisations can effectively manage their business rules and ensure that they are aligned with their business objectives and regulatory requirements.

#BusinessRiskTV #FailureOfGovernance

BusinessRiskTV Failure Of Governance

Governance Risk Compliance GRC

Solving governance risk and compliance problems easier and cheaper with BusinessRiskTV

Develop your governance risk and compliance framework. Improve risk & compliance management. Make GRC decisions easier.

Management in corporate governance

Subscribe to BusinessRiskTV.com Corporate Governance Tips for free enter code #CorpGov

Enter code #GRC

Enterprise risk management resources hub

Develop your governance risk and compliance framework. Improve your risk management process. Manage the impact of uncertainty on your business objectives better.

Think about enterprise risks differently. Take a more innovative approach to managing governance risk and compliance GRC decisions.

  • Control corporate threats more cost effectively
  • Seize new business development opportunities
  • Build your business resilience and achieve greater business success

Coordinate your enterprise risk management strategy for managing corporate governance risk management and business compliance issues. Develop a more integrated holistic framework and risk management process.

Subscribe to our enterprise risk management hub for free

Inform your business decision making process with a more risk based approach. Become more resilient to rapidly changing business and regulatory environment.

Governance Risk and Compliance GRC

Subscribe to our enterprise risk management hub for free enter code #GRChub

BusinessRiskTV Governance Risk and Compliance GRC

Do you have an effective risk management framework

Risk management tools and techniques too support enterprise risk management framework

Upgrade your framework for implementing risk management. Pick up more information on designing the risk management framework that supports your risk management process. Define your risk management framework for supporting enterprise risk management principles and practices. If you have the mandate and commitment for enterprise risk management from the top of your organisation you can begin building the risk management framework to make the risk assessment process work well.

Get help restructuring your risk management framework

You need to clearly define where you are now and where you want to be including the benefits you want from embarking on embedding enterprise risk management.

What is the context or reasons for wanting to change the way you manage risks? 

BusinessRiskTV

Develop you own risk management policy and communicate it to all stakeholders in the business. Work on what you need to do to embed enterprise risk management within your normal business decision making process.

  • Implement your new enterprise risk management framework
  • Implement your chosen risk management process
  • Monitor review and update your risk management systems

Constantly work at improving your risk management framework.

Your risk management framework should clearly define how you are going to communicate your enterprise risk management policy and procedures. Key people in the enterprise risk management framework should have clearly defined roles and responsibilities to support the risk management process.

Your risk management strategy should set out the objectives that risk management activities in the organisation are seeking to achieve.

Create a risk management framework to support better enterprise wide decision making

Enterprise Risk Management ERM Framework and Risk Assessment Process
Create a risk management framework to support better enterprise wide decision making

Recommended enterprise risk management articles and videos

Read more about governance risk and compliance GRC

Helping you to protect your business better and grow faster more profitably.

BusinessRiskTV Effective Enterprise Risk Management Framework

Are you confident you are managing all significant business risks cost effectively

How to manage risk in business with BusinessRiskTV.com

Is your business taking too much or too little risk? Have more confidence in your business risk management decision making process. Improve your business performance and build business resilience.

Assuming you are managing enterprise risks well can be dangerous

You might be taking too much risk unknowingly but you might also be taking too little risk and failing to make the best use of your business assets.

Guide To Business Enterprise Risk Management ERM
Risk Appetite and Risk Tolerance

How confident are you that you are managing enterprise risks cost effectively?

What are the hidden costs of your failure to manage risk properly

  • Missed opportunities cost
  • Over protection of business wasting resources and increasing your costs
  • Under protection leaving you exposed threatening your survival or prosperity and stopping you getting a quiet night’s sleep

Can you demonstrate to your business stakeholders that significant enterprise-wide risks are being effectively managed? Have you a balanced risk -reward risk management plan that prioritises the allocation of resources for best potential effect on business objectives? When was the last time you reviewed your enterprise risk management plan?

Enterprise Risk Magazine

Controlling the risks in the workplace is not just about safety and business insurance. Your business must control enterprise wide risks. What is the aggregate effect of risk on your business objectives? Do you understand the threats to objectives and the opportunities you have in front of you?

Find out how enterprise risk management can help you monitor your overall business’s performance

Identify and manage both external risk drivers and internal risk drivers impacting on your business success.

Manage Risk Better
Improve your risk knowledge to solve business problems today and in future

Do you have confidence your business is ready for emerging risks?

We are only at the beginning of the 4th Industrial Revolution. Many jobs are going to disappear. Many jobs are going to change. Businesses that don’t change to reflect emerging risks will not survive the rapid changes that have started but will accelerate over next few years.

Prepare Your Business For The Fourth Industrial Revolution

Maximising business opportunities for growth 

There is a yin and yang to all threats and opportunities.  

  • Every threat comes with an opportunity to change for the better.  
  • Every opportunity comes with a threat that the new will destroy existing value.

Business decision makers have tougher choices now than many recent business leaders have faced and many choices may threaten survival if you choose badly. Making good choices could also drive your business forward much faster than recently possible due to the financial crisis of 2008 and recovery therefrom.

Risk and Opportunities Analysis

Have you identified and assessed your enterprise wide risks?

What have you done about the more significant risks to your business objectives? Managing risk is increasingly central to the art of business management. It is not a science. What is right for one business may not work for another in the same industry. Much will depend on the leaders of each business within the same industry.

Business Risk Assessment
Enterprise Wide Risk Assessment For Faster Business Growth With Best Use Of Business Assets

Give your managers more confidence in your company to prperly assessing all the signiciant business risks to your organisation.

There is a risk to every business decision you make. Systematically look at all the risks across your business to enable you to focus your limited resources on the options most likely to boost your business performance, productivity and profitability.

Armed with the right risk management tools and techniques, risk knowledge and business intelligence you can manage risk more cost effectively more successsfully.

Read more

How to monitor risk management plan

Evaluating risk management action plan

MarketplacesExhibitions
Save MoneyRisk Magazine

#BusinessRiskTV #ManagingBusinessRisk #EnterpriseRiskManagement #RiskManagement #Governance #Risk #Compliance #GRC

Are you confident you are managing all significant business risks cost effectively

ICAAP Stress Testing

Help for firms required to undertake the Individual Capital Adequacy Assessment Process ICAAP in accordance with the requirements set out in the PRA Rulebook

Under Basel II ICAAP is a new requirement for financial institutions requiring risk assessments including

  • Pillar I minimum capital requirements;
  • the extent of total stockholder funds required to meet a firm’s strategy and maintain minimum capital requirements;
  • ensuring risks of the firm are understood by the board, and that there is sufficient and adequate management of the risks.

ICAAP elements

  1. identification and measurement of the risks;
  2. risk mitigation to lower capital requirements;
  3. stress-testing techniques;
  4. role of the directors of the business and the business management team

Pillar II: the board needs to understand and accept the business risks.   Pillar II : requires maintenance  of capital ratio especially for regulator satisfaction.

A financial institution must include internal risk drivers that the business have now or on the horizon including fraud, rogue trading, or business strategy mistakes.

Capital Plan : to include all risks including cooperation and collaboration across all business departments taking into account business growth forecasts and maintenance of a  capital ratio.

Assess the risks :

  1. Identify risks : List all material risks, interview staff in relevant departments, and assess the probability of risks occurring.
  2. Assess capital : how much do you need?
  3. Forward capital plans  :  stress test and scenario analyse business plans.

Understand all risks :

The ICAAP typically has the following structure:

  1. Background to ICAAP process
  2. Risk Appetite
  3. Business Risk Strategy
  4. Business Risk Assessment
  5. Business Capital Planning
  6. Business Risk Testing and Scenario Testing

What is on the horizon for your business ?   What is your risk profile for the future?   What is the gap between the company’s regulatory capital, its actual capital, and the capital it needs to hold for business purposes.

ICAAP should provide you with a capital buffer required from stockholders.

How do you demonstrate how ICAAP is embedded in senior management and executive decision-making.

What KRI’s and KCI’s do you have to update capital assumptions and present these to the board.   Make sure your business gets the right balance for the business not just for regulation compliance.   Senior managers should understand the positive benefits and use ICAAP to make the business more profitable with less uncertainty.

Get help to prepare and keep an ongoing review of ICAAP reports in UK

Bank of England

The Bank of England says :

“The ICAAP is that part of the Pillar 2 assessment undertaken by firms.  The ICAAP should allow firms to assess the level of capital that adequately supports all relevant current and future risks in their business.  In undertaking an ICAAP, a firm should be able to ensure that it has appropriate processes in place to ensure compliance with the CRDIV.  This requires firms to develop and use appropriate risk management techniques.”

Understanding the Internal Capacity Adequacy Assessment Process

Understand the role, functions, and requirements of the Internal Capital Adequacy Assessment Process (ICAAP).

ICAAP Finance Training Course

Under Pillar 2 of the second Basel accord, an Internal Capital Adequacy Assessment Process ICAAP is required.

ICAAP consists of internal procedures and systems that ensure that a business has adequate capital resources in the long term to cover all of its material risks.   It involves the determination of economic capital as opposed to regulatory capital and is a process that is run in parallel to the regulatory capital requirement determination process.

Economic capital is the capital required to cover all risks that are estimated using internal risk models of the bank. ICAAP should be an integral part of the business risk management process and must be embedded within the organisation. Senior management and the Board of Directors (BOD) should be supportive and fully engaged in the process curves for interest rate derivatives.

BusinessRiskTV ICAAP Stress Testing

Health and safety compliance levels positive health safety culture

Promoting positive safety culture.

Enter code #PositiveSafetyCulture

Training to improve health and safety leadership and performance
Enhance health and safety performance of your enterprise in UK with BusinessRiskTV.com

Developing A Positive Health and Safety Culture

BusinessRiskTV on promoting a more positive safety management culture in the UK. Good safety management practices can improve business performance. Understanding how to manage safety risks better will help business leaders understand how their business is working in areas that are not safety related.

Benefits Of A Positive Health and Safety Culture

Successful businesses have positive risk management cultures including positive safety management systems procedures and processes. Good businesses tend to have good safety management systems.

Promoting good health and safety culture is about changing attitudes at all levels of the organisation from the top down. Changing behaviour begins with changing attitudes to risk and everyone has to take responsibility for safer working environment.

Just as managers and co workers can facilitate or encourage poor safety practices, managers and co workers can promote better safety management practices.

Our guide to the features and benefits of a positive safety management culture :

Download free safety management guides and whitepapers. Tune in to our online safety management guidance webinars to learn how to improve safety management in your business or public sector enterprise.

HSE Safety Culture News Views Reviews Jobs

Pick up safety management news tips advice and support to improve safety management in your business. Read safety product and safety service reviews.   Watch safety management videos online. Join in online safety management debates and discussions. Learn from our safety management expert panels in online talks and question and answer sessions.

Complete and submit the form below to receive free safety management email alerts.

Health and safety compliance levels positive health safety culture

Groupthink

The majority act like sheep when the proverbial hits the fan

Conformity Of Global Financial Leaders Led To 2008 Financial Crisis

Global financial leaders made faulty decisions because as a group they lost touch with reality and had an inherent poor moral compass. That has not changed. GroupThink will cause or make worse the next global disaster.

Global Leaders Poor Moral Compass Will Lead To Next Financial Crisis

The financial services industry is like a cartel. It deliberately publishes false economic risk analysis  and critically evaluates global risks to benefit the financial services preferred strategic direction. Such groupthink is creating business decision making that will lead to financial failure yet again.

The City is thinking as one to protect The City not to develop a sustainable UK economy. It is fighting to protect itself in the short to medium term. If it succeeds it will miss the opportunities for more rapid business growth and the UK will miss out too.

The financial services industry is a highly cohesive and organised sector of the economy which is massively supported by the media and politicians.

Enlightened Holistic Risk Management Framework and Risk Assessment Process

The saviour of capitalism is the full adoption of enterprise risk management ERM principles and practices.

BusinessRiskTV.com Free Subscription Online

Enlightened Holistic Risk Management Framework and Risk Assessment Process

Get In Touch BusinessRiskTV 

Do you want to have your say on current or future business or society risks? Email editor@businessrisktv.com.

BusinessRiskTV Groupthink Theory

UK Unfunded Pension Liabilities

UK Pension Liabilities In Private Sector Public Sector and Not For Profit Sector Are Out Of Control

Why are the systems meant to protect those saving for retirement so inadequate? You might say they are underfunded rather than unfunded until you see how much underfunding there is and then you might agree that really pensions are unfunded!

Retirement Lifestyle UK
How well will you live in the UK in the autumn of your life enter code #PensionAdvice

Pension News Headlines Risk Analysis and Reviews

18th March 2018 In Future UK Employees Pensions Maybe Better Protected

Avoiding or abusing pension responsibilities maybe made a crime under plans to crack down on business leaders who fail to comply with their responsibilities to protect pensions and pensioners in UK.

The UK’s Insolvency Service will also be given extra powers to help protect employees from negligent corporate business decision makers who put pension schemes at risk.

22nd January 2018 UK Prime Minister May Says UK Will Stop Abuse Of Pension Schemes By Executives and Shareholders

The scandal of continuous underfunding of UK pensions and the abuse of pension provision in the UK has been highlighted once again by the collapse of the UK’s second biggest construction company Carillion. Some 28,000 pensioners are likely to face reduced pension payments due to the collapse of Carillion with perhaps a £1 billion pension hole where Carillions money should be.

Instead of addressing the pension hole Carillion executives chose to boost the performance of the firm by underfunding the pension pot paying higher dividends and paying themselves larger bonuses than they would otherwise have been entitled to. Carillion pensioners will transfer to the Pension Protection Fund after the collapse of Carillion but many pensioners many pension members out of pocket when their pension is likely to be cut.

The UK Prime Minister says the UK will clamp down on executives who line their own pockets while not protecting workers pensions.

New rules in the spring of 2018 will aim to deal with executives who threaten worker’s pensions in order to benefit personally from bigger bonuses or rewards.

However Mrs May said last year after the BHS scandal that she would tackle executive abuse to pension contributions with no progress to date.

27th June 2017 UK Pension Regulator published its report into a deal under which Philip Green paid Â£363m to BHS pension scheme

The Pension Regulator says the main purpose in selling BHS was to prevent taking on liability for the BHS pension scheme. The Pension Regulator says that under Mr Greens watch the BHS pension fund had moved from a surplus into a deficit. However after Mr Greens personal recent substantial contribution BHS pension fund now has a £100m surplus.

However what is clear is that pension fund risk management is highly inadequate. Periodically massive pension fund shortfalls materialise into real financial loss to pensioners. This will continue until legislation corrects the inadequacy of the present regulatory control and monitoring. Perhaps the Pension Regulator could also do its job better. It needs to show its teeth earlier.

Citibank Report 2016

According to Citibank, the 20 largest OECD countries alone owe $78 trillion to their public sector pension funds funding for pay-as-you-go and defined benefit public pensions.

Do you pay into a private pension in UK? Your employer is not! Overall private pension funding in UK is only up to around two-thirds of what is needed. Around three quarters of a trillion pounds extra is needed to fully fund private UK pensions!

Where is this money going to come from to make sure you get your pension when you retire?

Carillion BHS Steelworkers et al are not the only ones who are worried about their retirement money!

Too many people in the UK who think they are saving for their retirement via a pension have been let down and will continue to be let down

People saving for their retirement and who are in retirement have lost money due to the inadequate management and protection of pension funds in the UK.

Unfunded public sector pensions make up two-thirds of the £2 trillion UK pension liabilities. Private sector pension funds should hopefully become less of an issue as private pension funds or closed to new members and subsequently closed down altogether. However BHS has shown how private pension funds can throw up real problems for those saving for retirement or in retirement.

Why has the UK got saving for retirement so badly wrong?

Unfunded state pensions are the legacy of our fathers and mothers. They have failed to grasp the nettle of saving for retirement and have left a mess to the next generation in the UK whilst pocketing relatively generous pensions for themselves. This is compounded by unfunded central and local government employee pensions.

Public sector pensions are essentially like illegal Ponzi schemes where people think they are investing in their future retirement, but largely they are paying the pensions of those who are retired in UK now. They are really paying money with little more than a hope that the young of today will pay their pension when they retire. However there is no guarantee that the young of today and government’s of the future will feel inclined to pay for retired people’s lifestyles they have no hope of matching when the young eventually retire. The main risk control measure seems to be increasing the state retirement age. And so it continues.

Corrupt business leaders are also failing to pay into private pensions to fund the pension of many people in private sector funds. They seem to be hoping that they will get away with it and someone else will pick up the tab which is normally the retired person who did pay their fair share into the pension fund.

The pension scandal is yet more evidence of the failure of risk management, corporate governance and compliance to create a fair society and corporate culture. A demographic time bomb will soon explode but at the moment successive UK governments are happy to pass the parcel in the hope that the music doesn’t stop when they are in charge.

Subscribe to BusinessRiskTV to receive email alerts to UK Pension Governance Risk and Compliance GRC news headlines risk analysis and risk reports

BusinessRiskTV.com Free Subscription Online
UK public sector and private sector pension funds are seriously underfunded so keep up to date with developments to see if you will get your pension in UK when you retire enter code #PensionCrisis

How Risk Management Magazine Works For Your Business

Enterprise risk management news opinions and reviews on BusinessRiskTV

Inform your business decision making process. Read risk management articles and view videos on the best and worst of business risk management examples. Network and collaborate with your peers locally and globally to find out more about your risk exposures.

BusinessRiskTV Risk Management Magazines

Business Magazines UK

Subscribe to BusinessRiskTV for free risk management articles alerts bulletins and reviews to your inbox

Never miss the latest business risk management news opinions debates and reviews. Get an early email to allow you to act quicker to new threats and business opportunities.

Enter code #RiskManagementMagazines

Enterprise Risk Management ERM News Opinion Reviews

Business Risk Management Professionals Magazine ERM

Get the latest on the best and worst enterprise risk management practices around the world

Enterprise risk management news opinions and reviews. Buy new risk management product deals discounts and exclusive offers. Read articles and watch videos to inform your enterprise risk management policy :

  • Change your attitude to risk and risk management.
  • Rewrite your risk management strategy based on new enterprise risk management information.
  • Improve your risk awareness and risk control measures
  • Explore the right level of risk for your organisation and develop a new appetite for risk
  • Adjust you risk management organisation and arrangements
  • Update your risk management procedures and rerank your risk management priorities
  • Change your proactive and reactive responses to risk and risk management practices

Disseminate latest risk and risk management information to your senior management team and work colleagues.

Benchmark your organisation against the best risk management practices in the world of business.

Find the latest risk management products and services reviews. Get alerts to new risk management product and service deals discounts and exclusive offers.

Identify emerging risks and existing risks that are changing. Adjust your risk management plan priorities to improve your business performance and business resilience.

Tips to protect your business better and grow it faster

Risk Management Professional Magazine
Risk Management Magazine

The BusinessRiskTV Enterprise Risk Management magazine aims to publish original work that explores conceptual and empirical papers, articles and case studies from all branches of enterprise risk management

Exchange ideas  and collaborate with risk practitioners and your peers to protect your business better and grow it faster. Papers are invited from researchers practitioners policy makers and other stakeholders in the field of enterprise risk management ERM. We welcome your contributions in the form of articles Press Releases case studies and video.

MarketplacesExhibitions
DealsRisk Magazine

Discover new ways to protect and grow your business with BusinessRiskTV

#BusinessRiskTV #RiskManagementMagazines #RiskManagementArticles #RiskManagementNews #RiskManagementNewsletters #EnterpriseRiskManagementNews

BusinessRiskTV Read Risk Management Magazines for latest news opinions and reviews