Q: How did your ethos come about?
Over the span of 20 years working in senior management, executive, committee and board-level ERM capacities, Danny Wong, GOAT’s Founder, gained deep understanding of the perspectives and challenges of key stakeholder groups and has honed a proven approach to risk management. GOAT’s ethos was derived from a combination of this experience plus extensive research involving risk maturity conducted with over 150 companies and 50+ risk and business leaders. The confluence of the research and Danny’s practice form the basis of our ethos, which is packaged into the GOAT RM Toolkit™.
Q: I am an experienced RM practitioner. Do I need the GOAT RM Toolkit™?
A: It is evident that risk maturity is still a topic that many organisations and risk practitioners grapple with. Many senior executives do not understand the benefits of risk management and regard it as a compliance activity, despite most businesses struggling to remain relevant and thrive in ever-changing environments. The need to influence culture makes risk management an artform where the exchange of fresh and effective ideas can benefit even the most experienced practitioners. GOAT RM Toolkit™ brings a practical approach to traditional risk management techniques by addressing the key stakeholder perspectives and some cultural challenges as well as shifting the emphasis of risk management towards a data-led problem-solving tool.
Q: Can I benefit from the toolkit without buying the software?
A: GOAT Risk™ was specifically built to help embed our ethos into your organisation. That said, while it is recommended and most optimal to execute the ethos using our software, it is not required. You can still exercise the ethos using the downloadable templates. However, you will lose a few benefits including tips and tricks, shareable corporate memory and single point of access for key management information.
Q: We already have a risk software solution. Will we benefit from the toolkit and will we be able to implement your approach?
A: The ethos and GOAT RM Toolkit™ is designed to help organisations engage with senior executives and is agnostic of software. Whether or not you are able to implement the approach fully depends on the flexibility of your current system and a key consideration is the ability to support and visualise various key risk indicators.
Q: Do you cover risk quantification in your toolkit?
A: Our ethos does not focus on risk quantification as we believe that it puts the practitioner at risk when you apply mathematical techniques to, sometimes, intangible risk factors. To maximize our credibility, GOAT focuses on data. We have a module dedicated to bringing data into the risk dialogue to help engage senior executives and facilitate informed decisions. senior executives.