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Even if we wanted to return to pre-pandemic days, this will not be for months, perhaps years. However, we should not aspire to return to pre-pandemic days with the dawning of a new era of business innovation, creativity and aspiration to change to something better.
The Zoom meeting link will be published on LinkedIn around 24 hours before the online meeting on the 15th December 2020 at 5:00 – 5.30pm GMT. Don’t miss out on our virtual Risk Management Toolbox Talk hosted by Keith Lewis, [email protected].
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Exploring consequences of poor risk management with BusinessRiskTV
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.
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:
Save the date for introduction to how to improve your management of business risks to boost your business resilience and performance.
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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Corporate risk management expert tips advice and support. Analysing all types of corporate risk. Are you a management expert wanting to develop your business. What must you know about corporate risks today? Our corporate risk management experts help you focus your resources on corporate risks that matter. Protect and grow your business faster with less uncertainty.
Our risk management specialists are industry business leaders country risk experts or highly experienced risk managers and consultants. Their training skills and experience will help you identify key threats and opportunities which could negatively or positively impact on your business objectives.
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Corporate Risk Management In The Spotlight
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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In the world of business, making the right decisions can be the difference between success and failure. Business owners must be able to weigh the potential risks and rewards of each decision before taking action. But with so many variables to consider, making good business decisions can be a daunting task. Fortunately, BusinessRiskTV.com is here to help. In this article, we’ll explore the importance of good business decisions and how BusinessRiskTV.com can help you make them.
Why Good Business Decisions are Important
Making good business decisions is essential for the long-term success of any company. Here are a few reasons why:
Maximising profits: Good business decisions can help you maximise your profits by identifying opportunities to cut costs, increase revenue, and improve efficiency.
Mitigating risks: Every business decision involves some level of risk. Making good decisions can help you identify and mitigate potential risks, reducing the likelihood of financial losses.
Building trust: Making good decisions can help build trust with customers, employees, and investors. By demonstrating your ability to make sound decisions, you can inspire confidence in your stakeholders and build a positive reputation for your company.
Improving innovation: Good business decisions can lead to innovative ideas and solutions, helping your company stay ahead of the competition.
How BusinessRiskTV.com can Help
BusinessRiskTV.com is an online platform designed to help businesses manage risks and make informed decisions. Here are some of the ways BusinessRiskTV.com can help you make good business decisions:
Risk Management Tools: BusinessRiskTV.com provides a wide range of risk management tools to help you identify, assess, and mitigate potential risks. These tools can help you make informed decisions based on data-driven insights.
Expert Advice: BusinessRiskTV.com provides access to a network of experts in various industries. These experts can offer valuable insights and advice on how to make informed business decisions.
Industry Insights: BusinessRiskTV.com provides access to a wealth of industry insights and data. By staying up-to-date with the latest trends and developments in your industry, you can make informed decisions that give you a competitive edge.
Training and Education: BusinessRiskTV.com provides training and education resources to help you and your team improve your decision-making skills. By developing your ability to make informed decisions, you can improve the overall performance of your company.
Examples of Good Business Decisions
Let’s take a look at some real-world examples of good business decisions:
Apple’s Decision to Focus on Design: In the early 2000s, Apple made the decision to focus on design, creating products that were both aesthetically pleasing and functional. This decision helped Apple differentiate itself from competitors and build a loyal customer base.
Netflix’s Decision to Move into Original Content: In 2013, Netflix made the decision to move into original content, producing shows like House of Cards and Orange is the New Black. This decision helped Netflix reduce its reliance on licensed content and establish itself as a major player in the entertainment industry.
Amazon’s Decision to Invest in Technology: Amazon has consistently invested in technology, from its early days as an online bookseller to its current position as a leading e-commerce and cloud computing company. This decision has helped Amazon stay ahead of the competition and maintain its position as a market leader.
Coca-Cola’s Decision to Expand into New Markets: Coca-Cola has a long history of expanding into new markets, from its early days in the United States to its current position as a global brand. This decision has helped Coca-Cola maintain its position as one of the world’s most recognisable brands.
Ford’s Decision to Introduce the Model T: In 1908, Ford made the decision to introduce the Model T, a car that was affordable and easy to produce. This decision revolutionised the automobile industry, making cars accessible to the average person and transforming transportation as we know it.
These examples demonstrate the importance of making good business decisions and the impact they can have on a company’s success.
Making good business decisions is essential for the long-term success of any company. By identifying and mitigating potential risks, maximising profits, building trust, and improving innovation, good business decisions can help companies stay ahead of the competition and achieve their goals.
BusinessRiskTV.com is an online platform designed to help businesses manage risks and make informed decisions. By providing access to risk management tools, expert advice, industry insights, and training and education resources, BusinessRiskTV.com can help companies make informed decisions that drive their success.
So if you want to make good business decisions, turn to BusinessRiskTV.com. With its wealth of resources and expert guidance, you can make informed decisions that help your company achieve its goals and thrive in today’s competitive business landscape.
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Understanding global risks is important for all business leaders. Identifying and assessing the global risks is not a once a year task.
In addition the risks that could threaten some businesses could present an opportunity for your business to grow faster but if you miss the start of the opportunity you could miss the boat entirely or fail to maximise the potential rewards from the opportunity.
Unlike other less dynamic reporting systems companies or entitys BusinessRiskTV will provide you with regular risk reports to help you manage enterprise risks more proactively to mitigate threats to your business better and seize new business development opportunities earlier.
In short, BusinessRiskTV is less about looking back and offering expert risk reports with hindsight and more about looking forward with more dynamic forecasts backed up with practical risk management solutions for both the upside and downside aspects to global risks as it affects your business wherever you are in the world.
BusinessRiskTT will reduce the effort required to identify what your business needs to do next after assessing the magnitude of the risk to your country or industry in easy to understand language.
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Changing how you source products may need to change after the coronavirus pandemic.
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The benefits of local sourcing of business products and services are many and varied from environmental benefits to real cost savings to security of supply lines to flexibility of delivery.
In the UK it is more expensive to import goods and services from overseas due to around a 10 to 20 percent fall in the value of the pound against a basket of foreign currencies in the last 12 months. Where there may have been a substantial price difference between imports and domestic suppliers, this has mostly gone as can be witnessed by the fact that the UK is exporting more now that at any time since 1995.
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Sourcing products from around the world can lead to more cost and more business interruptions and less flexibility in meeting your customer needs.
Develop shorter local supply chains to build your business with more certainty. In a new Brexit world developing more local suppliers will guard against the negative impact of currency fluctuations.
Undertake thorough due diligence to ensure your new local suppliers are not going to increase the risks to your customers. Trust BusinessRiskTV to help you buy local next time.
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