Tag: Ethics and Responsibilities for a Risk Manager

Ethics and Responsibilities for a Risk Manager with BusinessRiskTV

Risk managers are responsible for identifying, assessing, and controlling risks. They also need to be able to communicate effectively with employees, stakeholders, and regulators about risks. Risk managers have a number of ethical responsibilities, including:

Acting in the best interests of the organisation. Risk managers should always act in the best interests of the organisation, and they should not let their personal interests or biases interfere with their decision-making.

Being honest and transparent. Risk managers should be honest and transparent in their dealings with others. They should not make false or misleading statements, and they should be willing to share information about risks with employees, stakeholders, and regulators.

Respecting the rights of others. Risk managers should respect the rights of others, including the right to privacy, the right to be informed, and the right to participate in decision-making.

Complying with laws and regulations. Risk managers should comply with all applicable laws and regulations. They should also be aware of the ethical implications of their decisions, and they should make sure that their decisions are consistent with ethical standards.

Being accountable. Risk managers should be accountable for their actions. They should be willing to take responsibility for their decisions, and they should be prepared to answer for their actions.

Risk managers play a vital role in protecting businesses from risk. By acting ethically and responsibly, risk managers can help to ensure the long-term success of their organisations.

What are the ethical standards in the workplace environment?

How ethical principles influence work as a people professional?

The Informed Minority: Navigating the Maze of Manipulation in Life and Business

In the intricate tapestry of human existence, a silent battle often unfolds – the clash between an uninformed majority and an informed minority. This statement, while provocative, invites scrutiny to understand the interplay between knowledge, power, and ethical responsibility. In this context, “ethical values” become the moral compass guiding our personal and professional conduct, serving as a shield against manipulation by the informed few. By examining the origins of ethical values, their influence on work as people professionals, and their role in corporate responsibility, we can empower ourselves to navigate the complex ethical landscape of life and business.

Where Do Ethical Values Come From?

Before delving into the ethical battlefield, understanding the genesis of these values is crucial. Our ethical framework is woven from multiple strands:

  • Cultural Fabric: Cultural norms and traditions deeply influence our sense of right and wrong. The values ingrained in our communities and families shape our perceptions of fairness, honesty, and responsibility.
  • Religious Teachings: Religion offers moral directives that guide our behavior and decision-making. Whether we adhere to specific doctrines or embrace broader spiritual principles, the teachings of various faiths contribute to our ethical compass.
  • Philosophical Schools: Philosophers across time have grappled with questions of morality, offering frameworks for ethical conduct. From consequentialism to deontology, these diverse perspectives continue to inform our understanding of right and wrong.
  • Personal Experiences: Personal experiences, especially encounters with injustice, can significantly shape our ethical principles. Witnessing or experiencing harm can instill a strong desire to act with integrity and uphold justice.

These interwoven threads create a unique ethical tapestry for each individual, constantly evolving through introspection, learning, and engagement with the world around us.

Ethical Principles in Action: The People Professional’s Moral Compass

For people professionals, navigating the workplace arena presents specific ethical challenges. From recruitment and employee relations to performance management and conflict resolution, our actions require an unwavering commitment to ethical principles. These principles translate into tangible everyday practices:

  • Fairness and Equity: Ensuring just treatment of all employees, regardless of background, identity, or position, is paramount. This includes eliminating bias in recruitment, upholding equal pay practices, and providing opportunities for development without discrimination.
  • Honesty and Transparency: Open communication and truthful dealings are essential in building trust and fostering a positive work environment. This includes transparent communication about company policies, employee conduct expectations, and decision-making processes.
  • Respect and Dignity: Every individual deserves to be treated with respect and dignity. This means valuing diverse perspectives, creating a harassment-free environment, and ensuring that employees feel safe and appreciated in the workplace.
  • Confidentiality and Privacy: Protecting employee data and personal information is crucial. This includes respecting confidentiality in sensitive matters, obtaining consent for data collection, and ensuring secure storage and use of personal information.

By grounding our professional conduct in these core principles, we create a workplace environment where individuals feel valued, respected, and empowered to thrive.

Do Ethical Values Provide the Moral Compass?

While ethical values serve as a vital guide, adhering to them is not always straightforward. Complex situations arise where competing values clash, creating ethical dilemmas. In such scenarios, critical thinking and a commitment to doing the right thing are necessary. Consulting our internal moral compass, considering the potential consequences of our actions, and seeking guidance from ethical frameworks can help us navigate these challenges.

Furthermore, ethical leadership plays a crucial role in setting the tone for organisational conduct. Leaders who actively champion ethical values, foster open communication about ethical concerns, and hold themselves and others accountable for ethical lapses create a work environment where ethical decision-making thrives.

Corporate Responsibility: Protecting Human Rights in the Workplace

The ethical sphere extends beyond individual actions and encompasses the responsibility of corporations towards their employees, stakeholders, and the wider community. This responsibility manifests in upholding and protecting human rights within the workplace environment. This includes:

  • Freedom from Discrimination: Ensuring a workplace free from discrimination based on protected characteristics like race, gender, religion, disability, or sexual orientation. This involves implementing anti-discrimination policies, providing sensitivity training, and addressing discriminatory practices swiftly and effectively.
  • Safe and Healthy Working Conditions: Protecting employees from physical and mental harm by providing safe working conditions, adequate training, and access to support mechanisms. This includes addressing issues like bullying, harassment, and stress in the workplace.
  • Fair Compensation and Working Hours: Upholding fair compensation practices that respect employees’ contributions and providing reasonable working hours that ensure work-life balance. This includes ensuring compliance with wage regulations, avoiding wage exploitation, and offering flexible work arrangements where feasible.
  • Freedom of Association and Collective Bargaining: Protecting employees’ right to form or join unions and bargain collectively for better working conditions. This promotes worker empowerment and ensures their voices are heard within the organisation.

By committing to these core principles of human rights protection, corporations demonstrate their commitment to ethical conduct and fulfill their responsibility towards a just and equitable society. However, upholding ethical standards in the workplace environment presents ongoing challenges. Globalisation has expanded the ethical landscape, requiring corporations to consider the ethical implications of their operations across diverse cultural contexts. Issues of forced labor, environmental degradation, and unfair working conditions in supply chains necessitate diligent due diligence and proactive measures to ensure ethical sourcing and production practices.

Technology, too, presents novel ethical dilemmas. The use of artificial intelligence in recruitment and performance evaluation raises concerns about bias and fairness. Automation and job displacement require careful consideration of worker retraining and redeployment to mitigate negative impacts. The ethical implications of data privacy and security in the digital age demand robust data protection strategies and responsible data governance practices.

Addressing these challenges necessitates a multi-pronged approach. Firstly, continuous education and training are crucial for both individuals and organisations to stay abreast of evolving ethical issues and best practices. Workshops, seminars, and access to readily available ethical resources can equip individuals with the tools to make informed decisions in complex situations. Additionally, incorporating ethical considerations into organisational policies, procedures, and performance evaluation metrics can incentivise ethical behaviour and hold individuals accountable for upholding ethical standards.

Furthermore, fostering a culture of open communication and ethical reporting within organisations is essential. This encourages employees to voice concerns about potentially unethical practices without fear of retribution. Whistleblower protection mechanisms and accessible reporting channels create a safe and supportive environment for individuals to raise ethical concerns and ensure they are addressed promptly and effectively.

Ultimately, navigating the ethical maze of life and business requires a collective effort. Individuals must strive to understand the origins and application of ethical principles in their personal and professional lives. Organisations must commit to upholding ethical standards within their operations and across their supply chains. Governments and regulatory bodies must enact and enforce laws that promote responsible business practices and address emerging ethical challenges. By working together, we can create a world where ethical values not only guide individual decisions but also serve as the foundation for a just, equitable, and sustainable future.

The uniformed majority will always lose against an informed minority. So your job is to become informed about your life and business. Protect yourself and your business from the risks of manipulation by the minority.

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Global Economic Tsunami

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Economic Forecast 2024

Risk Management for Business Leaders in the Face of Lower Economic Growth and a Softening Jobs Market in the USA, EU, and UK in 2024

Keith Lewis 6 November 2023

The global economy is facing a number of headwinds in 2023, including the ongoing wars in Ukraine and Gaza, high inflation, and rising interest rates. These factors are expected to lead to lower economic growth and a softening jobs market in the United States, European Union, and United Kingdom in 2024.

Business leaders need to be prepared for these challenges and take steps to mitigate the risks to their businesses. In this article, we will provide an overview of the economic outlook for 2024 and offer advice on risk management for business leaders.

Economic Outlook for 2024

The International Monetary Fund (IMF) (before taking into account war in Gaza) has forecast that global economic growth will slow to 3.2% in 2024, down from 3.6% in 2023. This is the slowest pace of growth since the global financial crisis in 2009.

The IMF expects the US economy to grow by 1.7% in 2024, down from 2.3% in 2023. The EU economy is expected to grow by 1.9% in 2024, down from 2.6% in 2023. The UK economy is expected to grow by 1.0% in 2024, down from 2.2% in 2023.

The slowdown in economic growth is expected to lead to a softening of the jobs market. The IMF expects the unemployment rate in the US to rise to 4.0% in 2024, up from 3.7% in 2023. The unemployment rate in the EU is expected to rise to 7.0% in 2024, up from 6.7% in 2023. The unemployment rate in the UK is expected to rise to 4.5% in 2024, up from 4.2% in 2023.

Risk Management Advice for Business Leaders

In light of the economic outlook, business leaders need to be prepared for the following risks:

  • Lower demand for goods and services: As economic growth slows, consumers and businesses are likely to spend less. This could lead to lower sales and profits for businesses.
  • Softening jobs market: As the unemployment rate rises,businesses may have difficulty finding and retaining qualified workers. This could lead to higher labour costs and disruptions to operations.
  • Rising interest rates: Central banks are raising interest rates in an effort to combat inflation. This could make it more expensive for businesses to borrow money and invest in growth.
  • Supply chain disruptions: The ongoing war in Ukraine (and new war in Gaza) and other factors have caused disruptions to global supply chains. This could make it difficult for businesses to obtain the materials and components they need to produce their goods and services.

Business leaders can take a number of steps to mitigate these risks, including:

  • Diversify their customer base and product mix: This will help to reduce their reliance on any one customer or product line.
  • Invest in technology and automation: This can help to improve efficiency and productivity, and reduce labor costs.
  • Lock in long-term contracts with suppliers: This can help to mitigate the risk of supply chain disruptions and price increases.
  • Build up their cash reserves: This will give them a financial cushion to weather any downturns in the economy.

In addition to these general risk management measures, business leaders should also consider the specific risks that are relevant to their industry and sector. For example, businesses in the retail and hospitality sectors may be more vulnerable to lower consumer spending. Businesses in the manufacturing sector may be more vulnerable to supply chain disruptions.

By taking the necessary steps to manage risks, business leaders can increase their chances of success in 2024 and beyond.

Specific Risk Management Strategies for Different Industries

In addition to the general risk management measures outlined above, there are some specific strategies that business leaders in different industries can take to mitigate the risks of lower economic growth and a softening jobs market in 2024.

Retail: Retail businesses can focus on increasing sales through online channels, offering discounts and promotions, and improving customer service. They can also reduce costs by streamlining their operations and negotiating better deals with suppliers.

Hospitality: Hospitality businesses can focus on attracting and retaining tourists, offering special packages and promotions, and improving the customer experience. They can also reduce costs by streamlining their operations and negotiating better deals with suppliers.

Manufacturing: Manufacturing businesses can focus on increasing productivity, reducing costs, and diversifying their product mix. They can also mitigate supply chain risks by building

Will you be unscathed from, or even benefit from, global financial tsunami?

A global economic tsunami is breaking. The impact will increase substantial in 2023. This global economic tsunami was triggered in spring of 2020. An economic atomic bomb was set-off deliberately, accidentally or carelessly by central banks and national governments around the world to protect businesses from Covid pandemic. The medicine has proven to be worse than the illness. Perhaps if the medicine was moderated the global financial tsunami we are just starting to suffer from would not have been created. Instead the world become addicted and then seemingly oblivious to the impeding danger of uncontrolled money printing and quantitative easing QE and cheap money swamping the global economy.

How likely is a global economic collapse?

The best we can hope for is a long deep depression not short shallow recession. If we are lucky we will avoid global economic collapse. However, it is probably 60:40 that a global economic collapse will happen. We are in a bad place from which we can recover at present, but poor decision-making from here will turn a bad situation into a global economic collapse.

How did we get here?

  1. Central banks slashed interest rates to near zero and even negative in some countries and printed fake money out of thin air professionally called QE. Once the sluice gates were opened and cheap to free money was splashed everywhere, inflation was inevitable – too much money and too little supply after supply chains were cut or severely restricted. Our central bankers and politicians tried to convince us printing more money in two years than has ever been printed ever before was creating just transitory inflation spikes. However, the runaway money printing has created difficult to control embedded inflation caused largely by business leaders profiteering. Business profits in 2021 2022 are off the scale and now employees want their share to compensate for loss of income in real terms against inflation and we are facing a winter of discontent at best in some countries, and in others, riots in the streets.
  2. The next phase following increased business profits and resentful employees wanting higher pay will morph into business cuts and increased layoffs including rising unemployment and higher business closures.
  3. The global economic tsunami is hitting some shores already. In Cryptoland we have seen the collapse of the second biggest crypto exchange or marketplace in the world. In the Bankingland firms like Credit Suisse could yet collapse. In the global financial tsunami in 2008 Lehmann Bros bank collapsed and was a high-profile casualty of the financial sector self-induced global financial crisis. Credit Suisse is a much bigger bank than Lehmann Bros bank. The collapse of Credit Suisse would induce global economic collapse. In the 2008 global financial tsunami, banks like Royal Bank Of Scotland RBS were considered too big to fail and became UK government owned (something like 87% owned). Slowly RBS is being sold off by the UK government but some 14 years later RBS has still not recovered. In fact, it kinda never recovered as it has been rebranded as Natwest bank. The RBS bank brand “too big to fail” washed away in the global financial crisis of 2008. Which big financial sector brands will be washed away by the global financial tsunami 2022?
  4. Retail investors, the little people, are like the people you see in real tsunami videos. They have been running about, bemused by the water initially disappearing from the beach or port. Retail investors have bought assets in 2021 2022 thinking that this is a buying opportunity that could setup up their investment for life. In fact, 2023 will be the buying opportunity of a life for investing in your future after the tsunami has wiped out money zombie companies unable to access cheap money any more. The remaining businesses will be on offer at sale prices. Retail investors have been or are about to be wiped out. S&P500 companies will make very little profit in 2023, if any, and their capitalisation will fall still further than a bad 2022 has hit share values. Institutional investors will hoover up cheap stocks and benefit in 2025 when shares will skyrocket once again, but many retail investors will have drowned in the global financial tsunami.
  5. Propertyland will be a slower burn, or partial drowning, in that some parts of world will go under into negative territory whilst other parts of the world will tread water for a year or two before recovering. Property prices are falling in some parts of the world. Some parts will experience a property price correction, but others will suffer property price collapse.
  6. Manufacturingland and Retailland are further inshore from the beach. When the global financial tsunami breaks in 2023 many businesses will simply be washed away never to recover. Others will rebuild and prosper with less competition to eat into profit.

Some politicians in the likes of USA try to tell you that inflation is no biggy! That should really be interpreted as the tsunami wave to hit in 2023 is no longer 100 feet high – it’s only 90 feet high! Will such a drop protect your business?

In fact, whilst official inflation figures may well drop slightly in 2023, some inflation like food inflation is unlikely to fall and could even increase as the effects of things like war in Ukraine, less fertilisation of the soil due to cost of fertilsers and policymakers restricting farmers from farming for climate protection reasons feed into the food supply chain in 2023.

How do we dig ourselves out of this hole we dug for ourselves or how does your business stop itself from falling into the hole with everyone else?

Relief from inflation will not happen until 2024 – if ever. It is unlikely that we will ever undershoot central bank interest rate targets of 2 percent ever again, or at least for decades.

You will need to set your business strategy to navigate a more difficult year in 2023 than 2022 was. Certain things outside of your control could dramatically make life easier in 2023 than can be realistically anticipated just now. Russia and Ukraine could agree a peace deal in 2023 for example. Santa is unlikely to bring this before the end of 2022 and there is little sign that 2023 will bring peace to these countries or the rest of the world. Even if the fighting was to stop now, the global economic pain will continue throughout 2023.

What is within your control to manage the risks to your business in 2023?

Get help to identify assess and manage your business risks in 2023 and beyond. Email editor@businessrisktv.com for more information or follow us via your favourite social media account click here.

Global Economic Tsunami

Poor Risk Management Case Study

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There are often good reasons for poor risk management. That does make poor risk management acceptable. Causes of poor risk management are varied. They include poor risk management culture, an inadequate enterprise risk management framework with accepted risk owners and risk supervisors as well as lack of effective enterprise-wide risk assessment process.

We believe there are business experts out there who want to improve the quality of enterprise risk management. Our introductory risk management toolbox talks are designed to open up your mind to more innovative ways to doing more business with less uncertainty. If you like our approach, you will have the opportunity to become a member of BusinessRiskTV for 12 months to protect your business better and grow your business faster.

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Misconception Of Actual Real Risks Can Destroy A Good Business
Misconception Of Actual Real Risks Can Destroy A Good Business

Failure To Manage Enterprise Risks Vs Failure Of Risk Managers Risk Management Toolbox Talk

Northern Powerhouse Risk Management Online Seminars

In this context we do not just mean people with Risk Manager in their job title. We mean people who should take ownership of specific key enterprise risks as well as the people charged with monitoring or supervising risks including making sure risk management is embedded within the day to day activities of the business or enterprise.

Do you know if your business is making good or bad enterprise risk management decisions? Pandemic risk management is a good example of good and bad risk management – under pressure we make good and bad decisions. Every day pre-pandemic managers of business risk are under pressure. Post-pandemic managers of risk will remain under pressure.

This enterprise risk management toolbox talk focuses on understanding business risks better and how to make better business decisions to build business resilience and boost business performance. Because your time is so valuable we will complete our introduction to better enterprise risk management in no more than 30 minutes.

Title: Failure To Manage Enterprise Risks Vs Failure Of Risk Managers
Date: Wednesday, 6th January, 2021
Time: 5:00-5:30 p.m. GMT
Speaker: Keith Lewis, BusinessRiskTV

In this enterprise risk management toolbox talk we will cover:

  • Taking personal ownership of enterprise risks.
  • Understanding the true level of risk facing your business.
  • Identifying risk management action to protect your business better and grow it faster.

Save the date for introduction to how to improve your management of business risks to boost your business resilience and performance.

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Participants at introductory online risk management toolbox talk can also put themselves forward as business risk experts at future more advanced online workshop events to share your expert business knowledge and promote their business interests. Are you a risk management expert in your country, industry or specific risk topic? Get in touch with us if this is you.

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News opinions analysis reviews and activism with local and global people. Sixth generation movement to power 4th industrial revolution faster cheaper better. Connecting the world to achieve more with less.

6G Today Tomorrow and Everyday Thereafter

How do we improve on yesterday so that today and tomorrow is better and more cost effective. What is it that we have that is good?

  • What could be better?
  • Why is it not working now?
  • How are we going to change things?
  • When will we achieve enough is good enough?
  • Where do we need to act?
  • Who can help us move forward?

Striving for perfection is not our goal. Do not let perfection be the enemy of the good enough. Focus on making realistic changes for the better happen. Dreaming of a better world tomorrow does not make the real world good enough today.

Practical action to progressively improve the world we live in

Most people in 3rd world countries are not interested in woke words. They simply want to live better tomorrow than they did today. Most peoples 1st world problems could be alleviated with a holistic approach to good business management and lifestyle choices.

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Fourth Industrial Revolution Latest News Commentary and Risk Review

Aspiration to live better wherever you live in the world can be fulfilled by solving all our problems together at once not by a piecemeal approach. Good words do not put food on the table or a roof over your head. Sodding your neighbour does not protect you from destroying everything you have built around you.

People can work together for common good

We do not need to be in the same country culture or place to work as a team to achieve what we want for ourselves. Getting what you want can help others to get what they want out of the investment of time.

Putting up trade barriers does not work for the builder of walls. Forcing people to be in your gang does not make progression towards goals fast enough. Seeing the mutual benefit at the end for all people on the bus does.

Our holistic approach to making decisions for the common good will be successful for all who lend support

If you put your shoulder to the wheel you can reap the rewards from the effort.

We are not looking for constant companions but do seek constant progress. Moving it forward a little everyday is better than big leaps now and again. We do not need to be beside you for every step but would like to be with you at the end of the journey. We can achieve more together than on our own.

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Financial success always beats other stakeholder interests?

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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.

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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.

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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.

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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.

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