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Intelligent Risk-Taking: Friend or Foe of Effective Risk Management?

In the dynamic world of business, calculated risks are the lifeblood of innovation and growth. Yet, a robust risk management (RM) methodology forms the cornerstone of sustainable success. This begs the question: is risk management inherently opposed to intelligent risk-taking, or are there other culprits hindering strategic growth? This article delves into this complex relationship, analysing recent events like BlackRock’s ESG shift and Lloyd’s bank’s RM personnel redundancies to shed light on the true barriers to intelligent risk-taking.

The Balancing Act: RM vs. Growth

A well-defined RM methodology identifies potential threats, assesses their impact, and implements mitigation strategies. This proactive approach safeguards the organisation from unforeseen circumstances. However, overly stringent risk frameworks can stifle innovation. Fear of failure can paralyse decision-making, hindering the exploration of new ventures that may hold significant rewards. BlackRock’s recent partial withdrawal from rigid ESG (environmental, social, and governance) principles exemplifies this tension. BlackRock CEO Larry Fink acknowledged the need for a balance between ESG considerations and financial returns, suggesting overly restrictive ESG frameworks might inhibit investment opportunities [1].

The Culprits: Risk Owners or Risk Management?

The burden of promoting intelligent risk-taking shouldn’t solely fall on RM professionals. Risk owners – individuals accountable for specific risks – and senior management play a vital role. Risk owners might lack the necessary risk assessment skills, leading to a passive approach towards risk management. Similarly, senior management, preoccupied with short-term goals, may prioritise risk avoidance over calculated risks aligned with long-term strategy.

City A.M.’s report of Lloyd’s bank laying off RM personnel in the UK suggests a potential disconnect between RM practices and business strategy [2]. Here, the issue might lie in inadequate communication or a misalignment of risk appetite with the organisation’s goals. Layoffs may indicate a need for cultural change within the bank, promoting a risk-aware yet growth-oriented mindset.

The Role of Effective Risk Management

Effective RM methodologies are not inherently opposed to intelligent risk-taking. In fact, they can be powerful tools for promoting calculated risks:

Risk Identification: A comprehensive risk assessment identifies not only threats but also opportunities. Anticipating future trends helps identify potential areas for strategic growth.
Risk Prioritisation: By prioritising risks based on their likelihood and impact, resources can be strategically allocated. This allows for calculated risk-taking in areas with high potential rewards and lower risks.
Risk Mitigation Strategies: Developing effective mitigation plans minimises the downsides of pursuing strategic risks. This allows for bolder exploration while safeguarding core business operations.
Risk Appetite Definition: Setting clear risk tolerance levels empowers employees to make informed decisions within acceptable boundaries. This fosters a culture of calculated risk-taking while ensuring sound judgment.
Continuous Monitoring and Review: Regularly reviewing risks and RM strategies ensures adaptability. This allows for course correction and promotes taking advantage of favourable market conditions.

BlackRock’s ESG shift offers a valuable lesson: overly restrictive RM frameworks can stifle growth. Conversely, Lloyd’s bank’s layoffs suggest potential misalignment between risk management and business strategy.

Here are 9 ways to ensure a holistic RM methodology supports business strategy and goals:

Integrate RM into Business Strategy: Embed RM principles at all organisational levels, ensuring alignment with strategic objectives.
Foster a Risk-Aware Culture: Encourage open communication about risk at all levels, promoting a culture of calculated risk-taking.
Empower Risk Owners: Equip risk owners with the necessary skills to effectively assess and manage risks.
Define Clear Risk Appetite: Set clear risk tolerance levels to provide a framework for informed decision-making.
Prioritise Risk Management: Allocate adequate resources to ensure a robust and adaptable RM programme.
Promote Communication: Foster open dialogue between risk owners, RM professionals, and senior management.
Invest in Risk Management Tools: Utilise data-driven risk assessment tools to support informed decision-making.
Regular Review and Updates: Regularly review risk assessments and RM processes to ensure continuous improvement.
Celebrate Calculated Risk-Taking: Acknowledge and reward successful ventures that embrace calculated risks.

By adopting these strategies, organisations can cultivate a balance between risk management and intelligent risk-taking, driving innovation and sustainable growth. Remember, effective risk management isn’t about eliminating risk entirely; it’s about embracing calculated risks for a prosperous future.

References:

(1) BlackRock’s recent withdrawal from ESG principles can be referenced from news articles or financial publications.
(2) The Lloyd’s bank layoffs can be referenced from City A.M.’s report:

Lloyds Bank is cutting jobs in risk management as it sees risk management principles and practices and methodology as being a block to its transformation progress. The group’s chief risk officer Stephen Shelley said in a memo last month that it was “resetting our approach to risk and controls” following an internal review. Shelley noted that two-thirds of Lloyds’ executives thought risk management was impeding progress, while less than half of its workforce believed “intelligent risk-taking” was encouraged. He said Lloyds’ “initial focus is on non-financial risks” and a new model would allow it to “move at greater pace” on its group strategy. “We know people are frustrated by time-consuming processes and ingrained ways of working that impede our ability to be competitive and leave us lagging behind our peers,” Shelley added. The Financial Times first reported the news. A person familiar with the matter told City A.M. that the restructuring would see around 175 permanent roles at risk of redundancy, including 153 in the risk unit. However, the person added that the lender expected to create 130 vacancies focused on specialist risk and technical expertise. Some 3,600 people currently work in Lloyds’ risk division. Will loosening its risk controls “could potentially have catastrophic consequences for the future of the bank”. In this case, there are around 45 role reductions, after new roles being created are factored in.” Lloyds, which has around 60,000 total employees, launched a plan in February 2022 to invest £4bn over the next five years to diversify away from interest rate-sensitive income streams like mortgages and become a “digital leader”.
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Impossible To Know What Will Happen In 2024 So How Can You Be Prepared For Anything and Everything?

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Navigating the Uncertain Seas: Key Elements for Your 2024 Risk Management Plan

As we stand at the precipice of 2024, the economic landscape appears shrouded in a veil of uncertainty. The IMF warns of a “fragile recovery,” the ECB echoes concerns of “heightened financial stability risks,” while the Bank of England and the Federal Reserve contemplate further interest rate cuts. In this climate of volatility, having a robust risk management plan in place is no longer a mere option, but a critical imperative for business leaders.

This article, penned by an experienced business risk management expert, serves as your guide in navigating these uncertain waters. We will delve into the key elements you must include in your 2024 risk management plan, drawing on insights from leading global financial institutions to equip you with the tools necessary to weather the coming storm.

1. Embrace a Forward-Looking Perspective:

Traditional risk management often adopts a reactive stance, focusing on mitigating known threats. However, in today’s rapidly evolving environment, such an approach is akin to navigating a storm with outdated weather charts. In 2024, it is crucial to adopt a forward-looking perspective, actively scanning the horizon for emerging risks and proactively constructing safeguards.

The IMF stresses this need for vigilance, stating, “Global risks remain elevated, and policymakers need to be prepared for potential shocks.” This necessitates incorporating scenario planning into your risk management framework. Consider various plausible economic, geopolitical, and technological scenarios, and assess their potential impact on your business operations. By anticipating potential disruptions, you can develop adaptive strategies that allow you to pivot and thrive even in unforeseen circumstances.

2. Prioritise Financial Resilience:

With central banks hinting at interest rate cuts and a potential economic slowdown looming, financial resilience should be at the core of your 2024 risk management plan. The Bank of England warns of “heightened vulnerabilities in the financial system,” highlighting the need for businesses to shore up their financial reserves. You need to get ready to seize new business opportunities as well as threats in 2024.

Here are some actionable steps you can take:

Conduct thorough stress testing to assess your ability to withstand various economic shocks.
Diversify your funding sources to reduce dependence on any single lender.
Tighten control over operational costs and implement measures to improve cash flow.
Build financial buffers to weather potential downturns.
Develop your ability as a business to be more innovative.

Remember, a robust financial position provides a critical safety net during turbulent times, allowing you to seize strategic opportunities while your competitors struggle.

3. Fortify Your Cybersecurity Defenses:

The digital landscape is increasingly fraught with cyber threats, ranging from sophisticated ransomware attacks to data breaches. As the ECB aptly states, “Cybersecurity risks remain a key source of financial stability vulnerabilities.” In 2024, businesses must prioritise fortifying their cybersecurity defenses to protect sensitive data and critical infrastructure.

Here are some essential steps to take:

Invest in robust cybersecurity software and regularly update it.
Implement rigorous employee training programs to raise awareness of cyber threats and best practices.
Conduct regular penetration testing to identify and address vulnerabilities in your systems.
Develop a comprehensive incident response plan to effectively handle cyber attacks.

Remember, a single cyber breach can inflict significant financial and reputational damage. By prioritising cybersecurity in your risk management plan, you can safeguard your business against these ever-evolving threats.

4. Foster a Culture of Risk Awareness:

Effective risk management extends beyond implementing policies and procedures. It requires fostering a culture of risk awareness within your organisation. The Federal Reserve emphasises the importance of “a strong risk culture,” stressing its role in identifying and mitigating emerging threats.

Here are some ways to cultivate a risk-aware culture:

Encourage open communication and transparency regarding potential risks.
Empower employees to report concerns and participate in risk identification processes.
Regularly train employees on risk management practices and procedures.
Reward employees for proactively identifying and mitigating risks.

By embedding risk awareness into your corporate fabric, you empower your employees to become active participants in safeguarding your business, creating a more resilient and adaptable organization.

5. Embrace Agility and Adaptability:

The volatile economic landscape of 2024 demands agility and adaptability. As the IMF aptly puts it, “Uncertainty remains high, and flexibility will be key.” This means being prepared to adjust your strategies and operations as circumstances evolve.

Here are some ways to cultivate agility:

Decentralise decision-making to allow for quicker responses to changing circumstances.
Implement flat organisational structures to facilitate information flow and collaboration.
Invest in technologies that enable remote work and flexible business models.
Regularly re-evaluate your risk management plan and make adjustments as needed.

Remember, businesses that can adapt to changing circumstances are better equipped to seize opportunities and navigate unforeseen challenges.

Conclusion:

The year 2024 promises to be a year of economic uncertainty and potential turbulence. However, by incorporating the key elements outlined in this article, you can develop a robust risk management plan that safeguards your business and positions you for success. Remember, effective risk management is not a one-time exercise, but an ongoing process. Continuously monitor the evolving landscape, update your plan accordingly, and foster a culture of risk awareness within your organisation. By remaining vigilant, adaptable, and financially resilient, you can navigate the uncertain seas of 2024 and emerge stronger on the other side.

In closing, let us leave you with the words of Christine Lagarde, President of the European Central Bank: “Resilience is not built overnight. It requires constant vigilance, preparedness, and adaptation. Let us be the generation that builds stronger foundations for a more resilient future.”

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What happens to commodity prices in a recession

The coming global recession will slash demand for oil copper and the like. Prices for most commodities will fall. If the world falls into depression commodity prices will fall off a cliff including oil.

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Some prices can rise temporarily as people seek a safe haven. People may flee to gold or a few commodities that they think will safe harbour their money during a recession. However a depression, which is more and more likely, causes most commodity prices to collapse.

June’s weaker demand for commodities signals that an economic global recession is coming closer.
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Demand is likely to stay the same or slightly lower, but our leaders can change the supply up or down with their decisions. Reducing supply will push up prices.

Global stagflation is a certainty. When not if.
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Global commodity prices

Wheat and oil future prices are down in June based on the most actively traded futures. Weaker commodity prices in June indicate we are transitioning to a global recession. Although commodity prices will fall, inflation will increase and stay high whilst growth turns to recession. For example there will be less demand for oil, oil prices will fall, but prices of goods and services will remain high.

Surviving global recession: how do you prepare for a recession

Businesses that can offer business discounts and consumer discounts are more likely to survive as more people become price conscious.

Businesses that supply essentials or luxury items at a discount offer more in the marketplace compared to those businesses who have let their own costs of being in business balloon and cannot offer deals and discounts.

Discount grocery and retail stores tend to have more footfall during a recession. Many supermarkets take advantage of their customers during the good times and suffer a loss of business and profitability when recessionary precious hit the consumers household budget.
People still die during recession! After the management of global risks over the last two years more people will die. businesses which cater for death are likely to perform strongly throughout a recession.
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Everyone can afford a bit of lippy! Cosmetic businesses can perform well during a recession.

As for the rest of businesses, they must fully understand what’s important and what is not for their particular business model. Offering more value for money will become more important.

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Global Networking: Advantages for Businesses

Unleashing the Power of Global Networking: Advantages for Businesses

In today’s interconnected world, businesses are increasingly recognising the significance of global networking. Building connections and fostering relationships across borders has become a crucial strategy for organisations seeking growth, innovation, and a competitive edge. In this article, we will delve into the numerous advantages that global networking offers to businesses of all sizes and industries. By leveraging the power of connectivity, businesses can unlock new opportunities, gain valuable insights, and expand their reach on a global scale. Read on to discover how global networking can propel your business to new heights.

Enhanced Collaboration and Knowledge Sharing:
Global networking opens the doors to collaboration with individuals and organisations from diverse backgrounds, cultures, and expertise. By connecting with professionals worldwide, businesses can tap into a vast pool of knowledge, insights, and perspectives. This exposure to different ideas and approaches fosters innovation and creativity within organisations.

Moreover, global networking provides opportunities to participate in conferences, seminars, and industry events, where experts and thought leaders share their expertise. These interactions enable businesses to stay updated with the latest trends, technologies, and best practices, enhancing their competitiveness in the global market.

Access to New Markets and Business Opportunities:
One of the most significant advantages of global networking is the ability to access new markets and expand business opportunities beyond borders. By establishing connections with international partners, businesses can gain valuable insights into local markets, consumer preferences, and cultural nuances. This knowledge allows organisations to tailor their products or services to meet the specific needs of diverse markets, increasing their chances of success.

Furthermore, global networking provides a platform for businesses to showcase their offerings to a wider audience. Through cross-border collaborations, joint ventures, or strategic partnerships, companies can enter new markets with reduced risks and enhanced market knowledge. This enables them to tap into untapped customer segments, diversify their revenue streams, and drive sustainable growth.

Building a Stronger Brand and Reputation:
Global networking offers businesses the opportunity to build a stronger brand and reputation on a global scale. By connecting with influential individuals and organisations, companies can enhance their visibility and credibility within their industry and beyond. Positive endorsements and collaborations with reputable international partners can significantly impact a business’s brand image and attract new customers.

Additionally, active participation in global networking events, industry forums, and online communities allows businesses to showcase their expertise, thought leadership, and unique value propositions. This exposure positions them as industry leaders and trusted authorities in their respective domains, further strengthening their brand reputation.

Recruitment of Global Talent:
Global networking provides businesses with access to a vast talent pool from around the world. By establishing connections with professionals and organisations internationally, companies can tap into a diverse range of skills, experiences, and perspectives. This enables them to recruit top talent from different cultural and educational backgrounds, bringing fresh ideas and innovative approaches to their teams.

Moreover, global networking facilitates the identification of potential partners, suppliers, and collaborators who can contribute to a business’s growth and success. By connecting with like-minded professionals, businesses can build strategic relationships that foster innovation, create synergies, and drive mutual growth.

Global networking has emerged as a vital tool for businesses seeking growth, innovation, and success in the global marketplace. By leveraging the advantages of global networking, businesses can enhance collaboration, access new markets, build a stronger brand, and recruit top talent from around the world. Embracing a global mindset and actively participating in networking activities can open doors to unprecedented opportunities and pave the way for long-term success.

In an increasingly interconnected world, businesses cannot afford to operate in isolation. Establishing and nurturing global connections allows organisations to stay ahead of the curve and adapt to the rapidly changing global business landscape. Whether it’s through attending international conferences, leveraging online platforms, or forging partnerships with organisations worldwide, businesses can harness the power of global networking to propel their growth.

The advantages of global networking for businesses are undeniable. From enhanced collaboration and knowledge sharing to accessing new markets and business opportunities, building a stronger brand and reputation, and recruiting global talent, the benefits are vast. Embracing a global networking mindset is no longer a luxury but a necessity in today’s hyperconnected world.

To make the most of global networking, businesses should actively seek opportunities to connect with professionals, industry experts, and potential partners on a global scale. They can explore online networking platforms, join industry-specific communities, participate in international events and conferences, and establish strategic partnerships with organisations in different countries.

However, it’s essential to approach global networking with a genuine intent to build meaningful relationships and provide value to others. Networking is not just about self-promotion; it’s about establishing mutually beneficial connections and fostering a collaborative ecosystem.

By capitalising on the advantages of global networking, businesses can expand their horizons, tap into new markets, stay abreast of industry trends, and unlock innovation. In this fast-paced and interconnected world, building a strong global network is a powerful asset that can set businesses apart from the competition and pave the way for sustained success.

So, don’t wait any longer. Start exploring the world of global networking and unlock the limitless opportunities it offers to take your business to new heights of success in the global marketplace. Embrace the power of connectivity, foster collaborations, and position your business as a global player in your industry. The possibilities are endless when you dare to connect, engage, and grow on a global scale.

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Online Networking Everything You Need To Know About Risk Management

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