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Corporate risk management (CRM) is the process of identifying, assessing, and controlling risks that could impact a company’s operations, finances, or reputation. CRM is an essential part of any business’s risk management strategy, and it can help to protect businesses from unexpected events and ensure that they can continue to operate effectively.
There are a variety of corporate risk management techniques that businesses can use. Some of the most common techniques include:
Risk identification: The first step in CRM is to identify the risks that your company faces. This can be done through a variety of methods, such as brainstorming, risk mapping, and scenario planning. Once the risks have been identified, they can be assessed in terms of their likelihood and impact.
Risk assessment: The next step is to assess the risks that you have identified. This involves determining the likelihood that each risk will occur and the impact that it would have on your company if it did occur. The results of this assessment will help you to prioritise the risks and to determine which ones need to be addressed first.
Risk control: The third step is to control the risks that you have identified. This can be done through a variety of methods, such as implementing preventive measures, developing contingency plans, and purchasing insurance. By controlling the risks, you can reduce the likelihood that they will occur and the impact that they would have on your company if they did occur.
Risk monitoring: The fourth step is to monitor the risks that you have identified. This involves tracking the risks to ensure that they are being managed effectively and that they are not evolving into new risks. By monitoring the risks, you can identify any new risks that may arise and take steps to address them before they become a problem.
Risk reporting: The fifth and final step is to report on the risks that you have identified. This involves communicating with stakeholders about the risks that your company faces and the steps that you are taking to manage them. By reporting on the risks, you can build trust and credibility with stakeholders and demonstrate that you are taking risk management seriously.
CRM is an ongoing process. The risks that your company faces will change over time, so it is important to regularly review and update your CRM plan. By following the steps outlined above, you can develop a CRM plan that is tailored to the specific needs of your company and that will help you to protect your business from unexpected events and ensure that it can continue to operate effectively.
Here are some of the benefits of implementing a corporate risk management program:
Reduced costs: CRM can help to reduce costs by preventing or mitigating risks. For example, a company that implements a CRM program may be able to reduce its insurance premiums by taking steps to reduce its risk of fire.
Increased efficiency: CRM can help to increase efficiency by streamlining the risk management process. For example, a company that implements a CRM program may be able to automate the process of identifying and assessing risks.
Improved decision-making: CRM can help to improve decision-making by providing businesses with a more complete understanding of the risks that they face. For example, a company that implements a CRM program may be able to identify risks that it was previously unaware of.
Enhanced compliance: CRM can help to enhance compliance by providing businesses with a framework for identifying and managing risks that are associated with compliance requirements. For example, a company that implements a CRM program may be able to identify risks that are associated with the Sarbanes-Oxley Act.
If you are considering implementing a corporate risk management program, there are a few things you should keep in mind:
The size of your company: The size of your company will determine the complexity of the CRM program that you need. A small company may only need a simple CRM program, while a large company may need a more complex CRM program.
Your industry: The industry in which you operate will also affect the complexity of the CRM program that you need. For example, a company in the financial industry will need a more complex CRM program than a company in the retail industry.
Your risk appetite: The risk appetite of your company will also affect the complexity of the CRM program that you need. A company with a low risk appetite will need a simpler CRM program than a company with a high risk appetite.
If you are unsure about whether or not a corporate risk management program is right for your company, you should consult with a risk management professional. They will be able to assess your specific needs and recommend the best approach for you.
Understanding holistic risk management including reputation, technology and insurance in managing business risks
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ERM Framework Implementation
Enterprise Risk Management (ERM) is the process of identifying, assessing, prioritising, and managing risks that could affect an organisation’s ability to achieve its objectives. In today’s fast-paced business environment, organizations face numerous risks, such as financial, operational, strategic, regulatory, reputational, and cybersecurity. The failure to manage these risks could lead to severe consequences, such as financial loss, legal liability, damage to reputation, and even business failure.
Therefore, it’s critical for organizations to implement a robust ERM framework to identify and mitigate risks that could potentially harm the organization. In this article, we will provide guidance on how organisations can implement an effective ERM framework to manage risks.
Establishing an ERM framework The first step in implementing ERM is to establish a framework that outlines the organisation’s risk management policies, procedures, and practices. The framework should define the roles and responsibilities of the risk management team, establish risk assessment methodologies, and identify the key risk indicators (KRIs) that will be used to monitor risks.
The ERM framework should also identify the organisation’s risk appetite, which refers to the level of risk that the organisation is willing to accept in pursuit of its objectives. The risk appetite should be clearly defined and communicated to all stakeholders, including employees, investors, customers, and regulators.
The ERM framework should be aligned with the organisation’s strategic objectives, and the risk management team should work closely with the senior management team to ensure that risk management is integrated into the organisation’s decision-making process.
Conducting a risk assessment The next step in implementing ERM is to conduct a risk assessment, which involves identifying, analysing, and evaluating risks that could potentially harm the organisation. The risk assessment should be based on a systematic and comprehensive approach that considers all the potential risks that the organisation faces.
The risk assessment should consider both internal and external factors that could affect the organisation’s ability to achieve its objectives. Internal factors include the organisation’s culture, structure, processes, and people, while external factors include economic, political, technological, and regulatory factors.
The risk assessment should also consider the likelihood and impact of each risk and prioritise them based on their significance. The risk assessment should be updated periodically to ensure that new risks are identified and managed.
Developing a risk management plan Once the risks have been identified and prioritised, the next step is to develop a risk management plan that outlines the actions that will be taken to manage each risk. The risk management plan should consider the risk appetite of the organisation and the resources that are available to manage the risks.
The risk management plan should include specific measures to mitigate each risk, such as risk avoidance, risk reduction, risk transfer, and risk acceptance. Risk avoidance involves eliminating the risk altogether, while risk reduction involves implementing measures to reduce the likelihood or impact of the risk. Risk transfer involves transferring the risk to another party, such as an insurance company, while risk acceptance involves accepting the risk and managing it within the organisation’s risk appetite.
The risk management plan should also identify the stakeholders who will be responsible for managing each risk and the KRIs that will be used to monitor the risks. The risk management plan should be reviewed periodically to ensure that it remains effective and relevant.
Implementing risk management controls The next step in implementing ERM is to implement risk management controls to manage the risks. Risk management controls are the policies, procedures, and practices that are implemented to manage the risks identified in the risk assessment.
Risk management controls should be designed to ensure that the organisation operates within its risk appetite and that the risks are managed effectively. Risk management controls should be integrated into the organisation’s processes and systems to ensure that they are followed consistently.
Monitoring and reporting on risks The final step in implementing ERM is to monitor and report on risks. Monitoring involves tracking the effectiveness of the risk management controls and the KRIs that were identified in the risk management plan. The monitoring process should be designed to detect any changes in the risk environment and to ensure that the risk management controls remain effective.
Reporting involves communicating the results of the risk management process to stakeholders, such as the board of directors, senior management, investors, customers, and regulators. The reporting should provide an accurate and comprehensive view of the organisation’s risk exposure and the effectiveness of the risk management controls.
Reporting should also include any significant changes in the risk environment and any emerging risks that could potentially impact the organisation. Reporting should be timely, accurate, and relevant to ensure that stakeholders have the information they need to make informed decisions.
ERM is a critical process that organisations must implement to manage the risks they face. ERM involves identifying, assessing, prioritising, and managing risks that could potentially harm the organisation.
To implement an effective ERM framework, organizations must establish a framework that outlines the risk management policies, procedures, and practices. They must conduct a comprehensive risk assessment that considers all the potential risks that the organisation faces and prioritise them based on their significance.
They must develop a risk management plan that outlines the actions that will be taken to manage each risk and implement risk management controls to manage the risks. Finally, they must monitor and report on risks to ensure that the risk management process remains effective and relevant.
By implementing an effective ERM framework, organisations can mitigate the risks they face and achieve their objectives in a safe and sustainable manner. The ERM framework should be reviewed and updated periodically to ensure that it remains effective and relevant to the changing risk environment.
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Enterprise risk management theory and practice can help to boost your business. Are you interested in enterprise risk management theory and practice? Keep up to date with latest enterprise risk management theory and practice news opinions and reviews. Network with enterprise risk management experts and top business leaders locally and globally.
Enterprise risk management theory and practice is an holistic approach to business decision making. It is designed to make the best use of business resources.
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In today’s dynamic and interconnected business landscape, managing risks has become an essential aspect of successful enterprise management. Organisations face a wide range of risks, including financial, operational, strategic, and reputational risks, which can significantly impact their ability to achieve objectives and thrive in a competitive environment. Enterprise Risk Management (ERM) provides a comprehensive framework and process for identifying, assessing, and mitigating these risks to ensure sustainable growth and resilience. This article serves as a guide to understanding and implementing ERM within organisations.
Understanding Enterprise Risk Management:
Enterprise Risk Management is a strategic approach that enables organisations to proactively identify, assess, and manage risks across all levels and functions. It involves the systematic integration of risk management practices into an organisation’s decision-making processes, governance structure, and operations. ERM goes beyond traditional risk management, which often focuses on isolated risks, by considering the interdependencies and cumulative effects of risks on an enterprise-wide basis.
Key Components of Enterprise Risk Management:
a. Risk Identification: The first step in ERM is identifying and cataloging all potential risks that may affect the organisation. This involves gathering information from various sources, including internal stakeholders, external experts, industry reports, and historical data. The goal is to create a comprehensive risk register that captures both known and emerging risks.
b. Risk Assessment: Once risks are identified, they need to be assessed in terms of their likelihood of occurrence and potential impact. This step involves qualitative and quantitative analysis to prioritise risks based on their significance. Risk assessment techniques may include scenario analysis, sensitivity analysis, and probabilistic modeling.
c. Risk Mitigation: After assessing risks, organisations develop risk mitigation strategies to reduce the likelihood or impact of identified risks. These strategies may involve implementing controls, transferring risks through insurance or contracts, accepting risks within predetermined tolerance levels, or avoiding risks altogether by changing business practices or diversifying operations.
d. Risk Monitoring and Reporting: ERM is an ongoing process that requires continuous monitoring of risks to ensure their effectiveness. Organisations should establish clear risk indicators and thresholds to detect changes in risk levels and trigger appropriate actions. Regular reporting on risk exposures, mitigation efforts, and performance against risk objectives is essential to keep stakeholders informed and accountable.
e. Risk Culture and Communication: ERM is most effective when risk management becomes an integral part of an organisation’s culture. This involves fostering a risk-aware mindset among employees, encouraging open communication about risks, and embedding risk management practices in daily operations. Effective communication channels should be established to facilitate the flow of risk-related information across all levels of the organisation.
Benefits of Enterprise Risk Management:
Implementing ERM brings several benefits to organisations:
a. Improved Decision Making: ERM provides decision-makers with a holistic view of risks, enabling them to make informed choices that align with the organisation’s risk appetite and strategic objectives. By considering risk factors, organisations can avoid costly mistakes and capitalise on opportunities.
b. Enhanced Resilience: ERM helps organisations become more resilient in the face of uncertainties and disruptions. By systematically managing risks, organisations can better anticipate and respond to potential threats, minimising their negative impact and quickly recovering from adverse events.
c. Competitive Advantage: Effective ERM enables organisations to differentiate themselves by demonstrating strong risk management practices to customers, investors, and regulators. This can enhance their reputation, attract new business opportunities, and improve access to capital.
d. Regulatory Compliance: ERM assists organisations in complying with applicable laws, regulations, and industry standards. By proactively managing risks, organisations can identify compliance gaps and take corrective actions to avoid penalties and reputational damage.
e. Cost Optimization: ERM helps organisations optimise resource allocation by identifying areas of inefficiency, waste, or excessive risk-taking. By streamlining processes, eliminating redundancies, and aligning risk management efforts, organisations can reduce costs and improve operational efficiency.
Implementing Enterprise Risk Management:
To successfully implement ERM, organisations should consider the following steps:
a. Leadership Commitment: Senior management should demonstrate a strong commitment to ERM and actively champion its adoption throughout the organisation. This includes allocating resources, defining roles and responsibilities, and fostering a risk-aware culture.
b. Risk Governance: Establish a clear governance structure for ERM, with defined roles, responsibilities, and reporting lines. Designate a risk officer or risk management team to oversee the ERM process and ensure its integration into decision-making at all levels.
c. Risk Framework: Develop a risk management framework tailored to the organisation’s specific needs and industry context. This framework should outline the key components of ERM, including risk identification, assessment, mitigation, monitoring, and reporting.
d. Risk Assessment and Prioritisation: Conduct a comprehensive risk assessment to identify and prioritise risks based on their potential impact and likelihood of occurrence. This assessment should involve input from relevant stakeholders and utilise appropriate risk analysis techniques.
e. Risk Mitigation Strategies: Develop and implement risk mitigation strategies that align with the organisation’s risk appetite and strategic objectives. These strategies should be tailored to address specific risks and may involve a combination of controls, risk transfer mechanisms, and process improvements.
f. Integration with Business Processes: Embed risk management practices into existing business processes and decision-making frameworks. This includes integrating risk considerations into strategic planning, project management, performance evaluation, and budgeting processes.
g. Training and Awareness: Provide training and awareness programs to educate employees about ERM principles, methodologies, and their role in managing risks. Foster a culture of risk awareness, where employees are encouraged to report and escalate potential risks.
h. Continuous Monitoring and Improvement: Establish a system for ongoing risk monitoring and reporting. Regularly review and update the risk register, assess the effectiveness of risk mitigation measures, and identify emerging risks. Continuously improve the ERM process based on lessons learned and feedback from stakeholders.
Overcoming Challenges in Enterprise Risk Management:
Implementing ERM can present challenges, but organisations can overcome them with proper planning and execution:
a. Organisational Silos: ERM requires collaboration and information sharing across different functions and departments. Breaking down silos and fostering cross-functional communication is essential for effective risk management.
b. Resistance to Change: Resistance to change can hinder the adoption of ERM. Organisations should invest in change management efforts, addressing concerns, and providing training and support to employees.
c. Data and Information Management: ERM relies on accurate and timely data and information. Organisations should establish robust data management systems, ensure data integrity, and leverage technology solutions for data collection, analysis, and reporting.
d. Risk Appetite Alignment: Aligning risk appetite across the organisation can be challenging. Clear communication and dialogue between senior management and relevant stakeholders are crucial to establish a shared understanding of risk tolerance and strategic objectives.
e. Evolving Risk Landscape: The risk landscape is continuously evolving, with new risks emerging and existing risks evolving. Organisations should stay updated on industry trends, regulatory changes, and emerging risks to ensure the relevance and effectiveness of their ERM practices.
Enterprise Risk Management is a strategic imperative for organizations to navigate the complexities and uncertainties of the modern business environment. By adopting a comprehensive ERM framework, organisations can proactively identify, assess, and mitigate risks, enabling them to make informed decisions, enhance resilience, and gain a competitive advantage. Successful implementation of ERM requires leadership commitment, a robust governance structure, integration with business processes, and a risk-aware culture. Overcoming challenges and continuously improving the ERM process will contribute to long-term success and sustainability in today’s dynamic business landscape.
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10 Fundamentals Of Corporate Risk Management Guide
In today’s dynamic business landscape, organisations face numerous challenges and uncertainties that can impact their success. To navigate these complex waters, companies need to develop robust risk management strategies. Effective risk management enables businesses to identify, assess, and mitigate potential risks, protecting their assets, reputation, and bottom line. In this comprehensive guide, BusinessRiskTV provides invaluable insights into corporate risk management, highlighting key principles, methodologies, and best practices to help organisations stay resilient and thrive in the face of uncertainty.
Understanding Risk Management To effectively manage risks, it is essential to have a clear understanding of what risk management entails. Risk management is a proactive process that involves identifying, assessing, prioritising, and mitigating potential threats and opportunities that can impact an organisation’s objectives. By embracing risk management, businesses can make informed decisions, optimise opportunities, and protect themselves from potential harm.
The Importance of Risk Culture Risk management is not solely the responsibility of a dedicated department but should be embedded within an organisation’s culture. Establishing a risk-aware culture ensures that risk management becomes an integral part of everyday operations. By fostering a culture that encourages open communication, accountability, and continuous learning, companies can create an environment where risks are identified, discussed, and managed effectively at all levels.
The Risk Management Process A structured risk management process is crucial for systematic and effective risk mitigation. This section outlines the key steps involved in the risk management process:
a. Risk Identification: Identify potential risks that could impact the organisation’s objectives. This involves analysing internal and external factors, conducting risk assessments, and seeking input from various stakeholders.
b. Risk Assessment: Evaluate the likelihood and potential impact of identified risks. This step involves quantifying risks, considering their interdependencies, and prioritising them based on their significance.
c. Risk Mitigation: Develop strategies and action plans to manage and mitigate identified risks. This may involve implementing preventive measures, transferring risks through insurance, or creating contingency plans to minimise the potential impact.
d. Risk Monitoring and Review: Continuously monitor and review the effectiveness of risk management strategies. Regular evaluations help identify emerging risks, reassess existing risks, and ensure the implemented measures remain relevant.
Types of Risks in Corporate Environments Businesses face a wide range of risks across different aspects of their operations. Understanding these risks is essential for effective risk management. Here are some key types of risks commonly encountered in corporate environments:
a. Strategic Risks: Risks associated with the organisation’s strategic decisions, such as market volatility, changing consumer preferences, or technological disruptions.
b. Operational Risks: Risks arising from internal processes, systems, or human errors, including supply chain disruptions, equipment failures, or cybersecurity breaches.
c. Financial Risks: Risks related to financial management, including market fluctuations, liquidity issues, credit risks, or non-compliance with regulatory requirements.
d. Compliance Risks: Risks associated with non-compliance with laws, regulations, or industry standards, potentially leading to legal consequences, reputational damage, or financial penalties.
e. Reputational Risks: Risks that can harm an organization’s reputation, such as negative publicity, customer dissatisfaction, or unethical behaviour.
f. Environmental and Social Risks: Risks associated with environmental sustainability, social responsibility, and stakeholder expectations. These risks can include climate change impacts, community relations, or labour issues.
Risk Assessment Techniques To effectively manage risks, organisations employ various techniques to assess and prioritise potential threats. Some commonly used risk assessment techniques include:
a. Qualitative Risk Assessment: Involves evaluating risks based on subjective criteria, such as likelihood and impact, using qualitative scales or matrices. This method provides a qualitative understanding of risks but does not involve precise numerical calculations.
b. Quantitative Risk Assessment: Utilises quantitative data and statistical analysis to assess risks. This involves assigning numerical values to likelihood and impact, calculating risk scores, and prioritising risks based on their quantitative measures. Techniques such as Monte Carlo simulations and sensitivity analysis can be employed for more accurate assessments.
c. Scenario Analysis: Involves developing hypothetical scenarios to evaluate risks and their potential impacts. By exploring different scenarios, organisations can assess the likelihood and consequences of specific events or situations and develop appropriate risk response strategies.
d. SWOT Analysis: A strategic planning tool that assesses an organisation’s strengths, weaknesses, opportunities, and threats. This analysis helps identify risks arising from internal factors (strengths and weaknesses) and external factors (opportunities and threats), allowing companies to develop targeted risk mitigation strategies.
e. Delphi Technique: A structured method that involves obtaining input from multiple experts or stakeholders anonymously. The experts provide their opinions on potential risks, and the responses are collated and analysed to identify areas of consensus and disagreement. This technique helps capture diverse perspectives and improve risk assessments.
Risk Mitigation Strategies Once risks are identified and assessed, organisations need to develop appropriate risk mitigation strategies. Here are some common strategies employed in corporate risk management:
a. Risk Avoidance: Involves eliminating activities or situations that pose significant risks. This strategy may include discontinuing certain products or services, exiting high-risk markets, or terminating partnerships with unreliable entities.
b. Risk Reduction: Focuses on minimizing the likelihood or impact of risks. This can be achieved through implementing control measures, improving operational processes, enhancing security systems, or implementing redundancy plans.
c. Risk Transfer: Involves transferring the financial burden of risks to external parties. This can be done through insurance policies, contracts, or outsourcing certain activities to specialised service providers who assume responsibility for specific risks.
d. Risk Acceptance: Sometimes, organizations may choose to accept certain risks if the cost of mitigation outweighs the potential impact. However, even in such cases, organisations need to closely monitor and manage accepted risks to minimise adverse outcomes.
e. Risk Diversification: Spreading risks across different markets, products, or business lines can help reduce the concentration of risks. Diversification provides a buffer against the impact of specific risks and ensures that the organisation is not overly exposed to a single threat.
f. Crisis Management Planning: Developing robust crisis management plans enables organizations to respond effectively to unforeseen events. This involves outlining clear roles and responsibilities, establishing communication protocols, and conducting regular drills to test the plan’s efficacy.
The Role of Technology in Risk Management Technology plays a vital role in modern risk management practices. Innovative tools and technologies enable organisations to enhance their risk management processes in several ways:
a. Data Analytics: Advanced data analytics techniques allow organisations to extract meaningful insights from vast amounts of data. By analyzing historical and real-time data, organizations can identify patterns, detect emerging risks, and make informed decisions.
b. Risk Monitoring and Early Warning Systems: Real-time monitoring systems powered by artificial intelligence and machine learning can identify potential risks and alert organizations to take timely action. These systems provide early warnings, enabling proactive risk management.
c. Cybersecurity Measures: With the increasing prevalence of cyber threats, robust cybersecurity measures are critical for protecting sensitive data and systems. Implementing firewalls, encryption techniques, and intrusion detection systems helps mitigate cybersecurity risks.
d. Automation and Robotics: Automation technologies streamline risk management processes, reducing human errors and improving efficiency. Robotic process automation (RPA) can handle repetitive tasks, data entry, and report generation, freeing up valuable human resources for more strategic risk management activities.
e. Cloud Computing: Cloud-based solutions provide organisations with secure storage, easy access to data, and enhanced collaboration capabilities. Cloud computing enables real-time data sharing, facilitates remote work, and improves business continuity in the event of a crisis.
f. Predictive Analytics: Predictive modeling techniques leverage historical data and algorithms to forecast future risks and trends. By analysing past patterns and behaviours, organisations can proactively identify potential risks and take preventive measures.
Integrated Risk Management Integrated risk management (IRM) is an approach that combines all aspects of risk management into a unified framework. IRM breaks down silos and fosters collaboration among different risk management functions within an organization. By integrating various risk disciplines, such as operational risk, financial risk, and compliance risk, organisations can gain a comprehensive view of risks and their interdependencies.
IRM promotes a holistic understanding of risks, enabling organisations to make well-informed decisions that consider the broader impact on multiple areas of the business. It encourages a shared language and consistent methodologies for risk assessment, allowing for more effective communication and coordination.
Furthermore, IRM encourages the alignment of risk management with strategic objectives. By integrating risk considerations into strategic planning processes, organisations can identify and address risks that could hinder the achievement of their goals. This proactive approach ensures that risk management becomes an integral part of decision-making at all levels of the organisation.
Continuous Improvement and Adaptation Risk management is not a one-time exercise but an ongoing process. As the business landscape evolves, new risks emerge, and existing risks change in nature. Therefore, organisations must continuously review and adapt their risk management strategies to remain effective.
Regular risk assessments and monitoring mechanisms help identify emerging risks and allow for timely adjustments to risk mitigation strategies. Additionally, organisations should foster a culture of learning and improvement, encouraging employees to report near-misses, share lessons learned, and propose enhancements to existing risk management practices.
In today’s volatile business environment, effective corporate risk management is essential for organisations to survive and thrive. By understanding the principles, methodologies, and best practices outlined in this BusinessRiskTV Guide, businesses can develop robust risk management strategies that protect their assets, reputation, and bottom line.
Remember, risk management is a proactive and integrated process that requires a risk-aware culture, structured methodologies, and the effective use of technology. By identifying and assessing risks, developing appropriate mitigation strategies, and continuously monitoring and adapting, organizations can navigate uncertainties with confidence and seize opportunities for growth.
Stay informed, stay vigilant, and make risk management a priority to ensure the long-term success of your organisation in an ever-changing business landscape.
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Emerging trends in business management debated risk analysed and risk controls reviewed. What emerging trends in business management must you know about today? Consumers and business decision makers have easy access to business intelligence so business leaders need to use business intelligence more in risk management strategy setting to grow faster. Due to the rapidly changing business environment and increased nationalism it may be better to have shorter supply chains. Alternatively restructure your supply chains to embrace new cost saving opportunities in supply.
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Different business problems require a different set of skills or experience to overcome. A business problem in your industry or country facing your business may require a different solution from the solution used by your competitors. Indeed a different business solution that fits your business problem may actual reap faster growth or better business protection.
One size does not always fit all
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When looking for a solution to your business problem
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Business Risks Every Business Leader Should Look Out For and Plan For
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Whether you accept avoid transfer mitigate risks or exploit risk opportunities is not straight forward. Find new ways to improve the culture of risk management to boost business performance. Increase your business success.
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Sometimes we have to accept the risks our businesses face to achieve our goals. Taking no action to control the risks does not mean you have not managed the risk. It means you have identified and assessed it and proactively choose to accept it as the risk is within your risk tolerance and appetite for risk.
The other extreme is that you avoid the risk identified. The risk is beyond your risk tolerance and appetite for risk to pursuance of your business objectives.
Developing a balanced risk management action plan is not easy but it should be simple to work well.
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Taking the right steps to manage risks will boost your business performance with less uncertainty.
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A more structured approach to risk management can reduce loss in your business and improve business performance
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Restructure your loss prevention strategy. Boost your profit with loss prevention. Some losses maybe inevitable part of being in business. Take a balanced view to loss prevention with help from BusinessRiskTV. Preventing loss may mean you need to work less hard at replacing lost value and maximise profit more easily.
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Risk based resource allocation
Business resource allocation is crucial for business success. Resource allocation in business is the difference between success and failure. Balance risk and reward to run a more efficient business. Manage your resourcing of risk treatment more effectively. Use a better business risk management plan to allocate resources. Target the biggest threats and opportunities for greater success.
Tackle the things that matter for better effect on business objectives with less uncertainty
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Method of successful resource allocation
Efficient allocation of resources with a risk based decision making process. Find out how to use a business risk management plan to improve business performance. Allocate time and money to the critical issues most likely to return greatest reward.
Why is your business not doing better?
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Where will need to change things in your organisation to achieve greater success?
Who needs to perform to support your business objectives and what are you doing to help them perform?
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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.
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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.
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The Risk Management Marketplace includes independent sellers who offer a variety of business risk management products and services. Buying from a Risk Management Marketplace Seller is quick and simple and often cheaper than buying elsewhere.
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Eliminate unnecessary business bureaucracy and cost to lift profit
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Regulatory compliance is an important part of business risk management but it should not be an accuse for a lack of simplicity or innovation.
Control the way you do things better without stifling or suppressing business growth. Indeed business risk management should create new business development opportunities and faster business growth. There does need to be appropriate levels of risk control protection and supervision but not at expense of business stagnation.
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Its not about how to reduce risk
External or internal driven risks threaten your business. They also create new business development opportunities. Reducing the effect of uncertainty on your business is important.
How do you manage enterprise risks? Do you put risk into different silos like safety, insurance, cyber risk, sales strategy etc? They can be rolled into one holistic risk based approach.
What is the most effective way for a business to manage risk? Look at what you are trying to achieve? Could you achieve more with your existing assets? Has good luck been saving you from disaster?
Understand the bigger picture first. When you know what risk you have then manage it.
There is danger being in business. Danger that you could blow your value. Danger you could under perform.
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Productivity improvement techniques tips and training. Productivity improvement tools and techniques. Productivity improvement strategies can boost your business performance. Could your business benefit from learning productivity improvement techniques? UK business productivity is poor compared to developed countries in the world. Boost your business productivity to grow your business faster. Protect your business from your competition with productivity improvements.
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Improving your business productivity is the most important task today. Improving your productivity is the panacea for your business. It will solve most of your business problems. Reduce most of the threats to your business.
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There is much to be gained from learning productivity improvement techniques and little to be lost.
Develop simple effective new business development strategy
Simple changes to your workplace to improve productivity in reach. They are within your business already but need bringing out. We will help you find a better way of working.
Our productivity improvement techniques use what you have already. We will help you develop effective strategies for increasing productivity at work. Adopt tools and techniques to sustainably boost your business performance.
Effective strategies for increasing productivity at work
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Productivity improvement will increase profit. This will make your business sustainable not new sales. Continuous improvement is achievable. External risk drivers will threaten your business. They will also create new business development opportunities.
Use productivity improvement techniques to grow your business faster. Or use these tools to build existing business resilience.
Intelligently plan your work. Focus your resources effort and time on what works well. Learn how to increase productivity in your workplace.
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Sustainable business success comes from smarter working not working harder.
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Growth Hacking Services
Traditional marketing techniques still have their place in a growth marketing strategy. TV or radio commercials, billboards, etc may still be needed. What is increasingly needed is a dynamic online marketing approach.
How do you attract your first hundred clients?
Then how do you attract your next hundred clients? How do you ensure your business is sustainable? How do you make survival and prosperity more likely?
Growth hacker marketing is a new more sustainable way to grow your business
Grow your product or services sales more profitably. We’ll help you become a growth hacker for your business.
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Find out what you need potential customers to know
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Develop new business sales opportunities for you to convert
Identify the most cost efficient ways to grow your business. Repeat repeat repeat what marketing works for you. Review marketing success, modify and execute.
Maximise your profit with a balanced risk based approach to business decision making. Change your strategy with new steps to attract new customers. Achieve greater success more sustainably.
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Ways To Grow Your Business
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Is your business ready to grow faster
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Small and medium businesses growing faster
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Grow you business faster regardless of the economic environment. Whatever your budget we have ways to help your grow faster. Reach new customers more sustainably for greater success.
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Corporate Misbehaviour Is A Misnomer
Corporate or enterprise entities do not make mistakes or create a bad business culture executives do. Illegal unethical or bad business practices arise because that’s the way executives want a company to achieve corporate objectives. Executives may or may not consider their business practices as bad or unethical but the result is the same corporate misbehaviour.
Understanding corporate misbehaviour
It may be a pointless waste of money undertaking a business health check if the executives are going to be unreceptive to the final risk management report, or simple pay lip-service to the outcomes.
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Many CEOs know what game needs to be played with enterprise risk management ERM before they can return to their own agenda for the business. Internal or external risk management audits can just play into the CEO’s attitude to risk management. Such executives short-term philosophy seems to rely on the hope that the shit doesn’t hit the fan during their time as CEO and whatever happens after they move on is not a concern for some incumbent CEOs.
Much of executive misbehaviour, and therefore corporate misbehaviour, is a direct result of executive pay and associated benefits. Misdirecting executive pay and rewards drives most if not all catastrophic corporate collapses. Before the collapse poor executive pay and rewards strategies poison business innovation and employee motivation.
To anticipate which companies will survive sustainably you could look at how executives are rewarded. It is the single biggest driver of corporate culture and long-term success, or not as the case maybe.
Executive managers cause corporate scandals, corporate scandals are not externally driven. The proximate cause of the corporate scandal or collapse doesn’t start further down the organisation nor does it start from outside the company. CEO bad behaviour is normally the proximate cost or the catalyst for corporate collapse.
Corporate Scandals
Corporate scandals aren’t a surprise to most executives, never mind the CEO. They take the level of risk they think is required to achieve their business objectives. They roll the dice and sometimes it pays off and sometimes it doesn’t.
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For example, many in the banking and finance industry look upon the financial crisis as an external risk that impacted on their business strategy. No, or little, blame can be placed at the bankers door! It was all the other bankers and financers who were at fault for their share price collapse, mass redundancies and lost business opportunities – not their fault as their business was doing just fine until the financial crisis tsunami hit their business.
Such egotistical responses stem from either self preservation, or lack of care for their part in the near global systemic financial collapse of the banking and financial sector and the very near global anarchy which would have ensued. Politicians, who were part of the problem, became part of the solution – make money as cheap as possible via low interest rates and massive almost unremitting quantitative easing QE.
Mothers forget how bad childbirth was
More than a decade after the start of the financial crisis there is still mass unemployment in the developed world and the developing world lost a decade of opportunity to crawl out of poverty. However, the key decision-makers in the business world have either forgiven themselves or reinvented themselves in position of power. In addition, a new raft of politicians are in place, or about to find positions of power, to facilitate the next financial crisis.
At its least useful, enterprise risk management ERM is a tool to spread the blame should the shit hit the fan, so one would have thought that ERM could be more popular than it is. At its most useful it helps business leaders make business decisions that are more likely to be good ones for the long-term sustainability of the business for the benefit of all stakeholders in the business – including the CEO.
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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.
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?
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.
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.
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.
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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.
We are linking up with people around the world to be more innovative and to sell more profitably
It’s a big world out there! A lot of people or other businesses need what you are offering. They just need to know why you are the better than your competitors at delivering what you are offering.
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Could you manage your business risks better? Do you know what the key threats to your business are and how to manage risks better? Maybe more cost effectively? Could you grow your business faster? Inform you decision making with BusinessRiskTV business risk management articles videos and online broadcasts.
Evaluate If Your Business Is Ready
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Common business risks facing your business could be managed better. Learn new ways to manage risk more productively with more certainty.
Running a business can be very satisfying but it can also be dangerous for the health of your finances! Potential risks will present ways to threaten business survival or reduce profitability. Other risks may present opportunities to grow faster. Both types of risk need to be managed to maximise your success both personally and corporately.
The business environment sets the scene for successful businesses it does not dictate your success or failure
Anyone can cross their fingers and hope for success but clever business leaders don’t leave their success to luck!
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Not everything is going to go well no matter how hard you plan things. Life often gets in the way of the best business plans! In the real world you have to take calculated risks to achieve more than the next business leader who is risk averse.
How do you get the enterprise risk balance right though?
There are many ways to get the right enterprise risk management ERM balance right. First of all you need to know where you are now and how much of an appetite for risk your key decision makers have.
Once risk appetite and risk tolerance are clear then the culture of risk management can be tailored to strike the right risk management balance for your organisation.
How to identify manage and control the effect of risk on your business objectives
Some risk has to be accepted. How much? What is not acceptable has to be managed. How will risk is managed will dictate how sustainable your business will be in future as well as how successful it will be.
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Functions Of Risk Management Department
The risk management team or department should facilitate improved enterprise decision making to boost business performance. Risk management principles practice and process should increase the efficiency and effectiveness of the business. The business leaders will be able to take more risk consciously as opposed to unconscious acceptance of higher risk levels.
What is the right level of risk will depend on the risk appetite and risk tolerance of the business leaders. There maybe nothing wrong with a high corporate risk exposure to achieve business goals and objectives as long as you know how exposed the business is and put in suitable risk control measures.
iso 31000 Risk Management Principles and Guidelines
Adopting the principles practices and processes of iso 31000 will increase the likelihood of a business strategy being a success. It will also reduce the level of uncertainty that can accompany more challenging business objectives.
ISO 31000 Risk Management
Enterprise risk management is not a once in a business lifecycle activity. It is a continuous activity that supports business development and implementation of a more risk aware business strategy.
Enterprise Risk Management Framework
Use an enterprise risk management ERM framework to help you develop an effective business management strategy that protects your business assets and helps you grow faster.
A robust enterprise risk management framework will help embed a more risk aware culture up and down the organisation.
An effective risk management system will require a clear role for the risk management function in the business. The risk management function in the business can only develop added value for the organisation if it is fully supported in the boardroom. With the board behind the risk management function, all levels of the organisation will develop enhanced risk management capability enhanced by the risk manager or risk management team.
The risk management function will support corporate governance and risk oversight but cannot control corporate risks on its own.
Risk Management Function Supports Risk Identification Risk Assessment and Risk Control
However the risk management function does not control corporate risks on its own.
The risk management function is integral to the risk management process but it isn’t the sole component of the risk management process.
The risk management function educates informs and trains all levels of the organisation to assess prioritise and control corporate risks. It enables business leaders to manage enterprise risk better.
The risk management function helps to develop and embed risk control techniques to reduce the likelihood of losses and the size of losses. It should also identify, assess and help seize business development opportunities.
Do you want help developing your enterprise risk management function?
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A to Z guides. Understand the theory and practice of risk management. Ask for help tips advice and training to embed risk management in your organisation.
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Business risk management training programme for business leaders and managers in small to medium-sized companies
Our featured business risk management training programme offers ongoing, interactive, and up-to-date training on managing various types of business risks, including political, economic, social, technological, legal, and environmental risks. Our program is designed to help business leaders stay informed and make informed decisions that will protect their company’s bottom line and open new opportunities for growth.
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You will learn practical business enterprise risk management tools and techniques. Easily apply what you learn to your business. Boost performance and increase business sustainability regardless of business risk environment.
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Could you improve your business? Discover small business improvement ideas. Most businesses could improve. It can be be easier to work with other business leaders to improve your business.
Making improvements to your small business is an ongoing process. We do not have a silver bullet to small business problems but we can help with some of the barriers to small business improvement barriers.
Access low cost ideas to boost your small business. Make better use of your existing resources to protect your business better and develop new growth ideas and opportunities. We have simple strategies to improve your business success rate.
Find ways to improve your business
Learn new ways you can improve your business today. Can your business improve its competitiveness and profitability? We can help you get to the front of the queue. We don’t try to get people to buy products or services they do not need or want. We do help you to make the sale before your competitor does.
There are numerous steps you can take to improve your marketing approach. We have a few ideas to help you grow faster more profitably.
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Suggestions to improve company performance
How to improve an organisation performance will vary depending on the type of business and the culture of your business developed by its leaders. Our approach is flexible. We would welcome the opportunity to talk to you about our ideas for better business protection and faster growth.
Every organisation is striving to improve. We can help you achieve that improvement through greater employee engagement to simple tools and techniques to attract new customers.
Pick up tips and ideas for improving overall company performance with a risk based approach to business management.
We will help you find the best way to improve business efficiency and develop new ideas and opportunities for your business.
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Boost your small business performance with BusinessRiskTV.
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How To Improve Productivity In The Workplace In UK
For the UK to sustainably increase wages meet the needs of an aging population and develop business growth it needs to increase productivity by 25 percent just to match the productivity of German workers in recent times.
German workers have the same output in 4 days that it takes UK workers 5 days to produce, according to the UK Chancellor Philip Hammond in is Autumn Statement on the UK performance to date.
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Improving Productivity In The Workplace
Increasing output for every hour of input
To improve productivity, the UK needs to produce more from every effort put into a business or enterprise. The UK government needs to play its part including boosting internet broadband availability and speeds, improving road rail and air transportation, as well as increase spending on other infrastructure improvements. However every business needs to work out what it needs to do to get more output from the same resources.
Poor sales growth domestically and internationally, reliance on cheap particularly foreign workers(most of UKs new jobs created over recent year have been foreign workers), and a lack of investment in training of employees is a big part of the UK Plcs poor productivity. Another significant part is the lack of engagement of existing assets the existing workforce. Business enterprise leaders have not involved the whole workforce in business decision-making. Every business has talented workers who know how to solve business problems and improve productivity but business leaders have not taken a holistic approach to productivity improvement. Where a business has poor productivity it is because not everyone is on the some bus to achieve a common destination. The solution is to engage the workforce more in business decision making process.
How do you improve your business productivity
The public sector also needs to do more with less, in an age of austerity. The UK needs to somehow get more out of every available resource invested in public services.
BusinessRiskTV will help you get everyone on the same bus!
BusinessRiskTV will use business enterprise risk management tools and techniques to engage your workforce to improve business productivity and overall performance.
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How efficient is your business?
Have your investments in people and other assets produced as much as possible? Could you produce more with your existing resources? Could you more cleverly focus your money and time on efforts that will bring greater corporate and individual rewards?
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Or are you working hard at working hard
Few business leaders and their employees don’t work hard. Hard work is required, but if you are all working hard with insignificant improvement then maybe you should ask yourself if there might be another way to make business decisions?
Find ways to grow faster and protect your business better
Effective Ways to Enhance Workplace Productivity
Find out how to boost your business productivity in the UK. Complete the form below and tell us a bit about your business and business needs.
Want your business to be as productive as possible? Pick up business tips on how to get the most out of your existing resources from your peers and from business management experts in your country, industry or business focus.
The time for looking for cost savings has passed. It is now time to look for ways to increase value produced by your business.
Is your business a Zombie business. Not alive just existing?
Is your business a dead-fish that you are blaming on being in a stagnant pool, when there is plenty of life in your area of expertise but you just can’t find business growth?
Do you need practical steps you can take today or tomorrow that will increase your business opportunities?
How can you improve the workplace culture without increasing wages immediately?
How can you motivate your employees to be more productive and therefore produce a more profitable workplace?
Our approach to improving productivity in the workplace is not to just talk about improvement but to help create business growth
We will help you improve effective communication across your organisation to help all employees to perform better.
Develop a more positive risk management culture to increase productivity.
Positive Risk Management
BusinessRiskTV Improving Business Enterprise Productivity
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Identify and assess your business risks. Identify risks to your business objectives. Control strategic operational and project risks. Prioritise the use on your limited resources after assessment of the key risks.
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Learn how to assess risk and create a risk management plan to improve business performance. Identify cost effective controls to mitigate and reduce risks.
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Evaluate business risks. Identify and assess factors with downside impact on corporate objectives, or upside potential to boost business performance.
Find out about a different more risk based approach to planning your business’s future success.
Develop a new process of identifying risks, assessing risks and developing new strategies to manage risks facing your organisation.
Manage the internal risks and external risks facing your business better
Learn from peers and risk assessment experts. Continuously improve your own risk assessment process. Pick up tips on how to embed and integrate risk assessment into your enterprise’s strategic, operational and project decision-making.
Regularly meet online wherever you are in the world to speak to your peers and risk assessment experts. Collaborate on agreed risk assessment projects or learn during risk assessment workshops to improve your risk knowledge and risk management skills.
See a different risk perspective based on others experiences and risk knowledge that will provide a different enterprise risk insight
Improve the effectiveness of your risk assessment process to boost your enterprise performance
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