I used to think it couldn’t happen to us ….now it just seems like a question of WHEN?…and HOW BAD?
Risk and uncertainty is a part of business as it’s impossible to predict the future, or even see what’s lurking around the corner. The reality is that technology and society is changing so quickly, competition comes from unexpected and far-flung places and regulators are putting increasing responsibility on businesses…As grim as it sounds, there are ways to improve our chances of being on the lucky side of bad news and even prosper and benefit in this environment.
The difficult message however is that there is no silver bullet good risk management requires strong leadership, culture, and embedded capability. More people understanding and managing risk in the right context. The Board must set a growth strategy sufficient to tackle the mega-trends, social, technological and customer changes. Senior executives must deliver the strategy while serving existing customers and ensuring financial, reputational, regulatory or operational risks are controlled. Middle management, project teams and even frontline staff each have rolls to play. Are they all clear about their roles, is the culture such that people take accountability, feel empowered to think, offer new ideas and take action. Do they feel comfortable reporting anomalies, irregularities, and inappropriate behaviours?
As always, the tone is set from the top with Risk managers employed to design and embed risk capability and facilitate the two way dialogue including reporting up insights and escalate issues that are meaningful for leaders to discuss, analyse and pivot or do more. As a risk practitioner, I know we’ve designed our tools and templates to be as simple as possible, I believe this to be the right path. As a business leader myself, I also know meaningful decisions can only be made with sufficient insight and data. GOAT risk solutions has developed a risk management programme that harmonises traditional risk management techniques while helping businesses bring data into the risk dialogue through key risk indicators. Learn how to do this with the GOAT RM Toolkit e-learning course complete with downloadable tools and templates to deploy in your business today. It is not essential, but GOAT has also developed a software solution to help you embed these concepts in your organisation further and faster. Please get in touch to have a look.Find out more about GOAT Risk™