Our last newsletter of 2020 to wrap up the worst year in history, I wish you all are safe and healthy with your families and loved ones this holiday season and lets look forward to a brighter 2021.
If your business is still in survival mode, you’re in the wrong place. There is no room for complacency in business or in risk management, if you aren’t delivering value, you are irrelevant. This article sets out what we must do for risk management in 2021.
I have been quite busy at speaking arrangements the last few weeks speaking to large and diverse audiences. The message is always similar, risk is critically important, and not a skill that businesses do well. They either lack capability and do it intuitively or even those with risk expertise end up struggling to really deliver value through risk management. At GOAT, we’ve dedicated our business to this problem, focusing on change, looking at it from stakeholder perspectives and starting with Why. I shared an extract of the slides I used at IRMZA.
We know these risk registers are a pain in the backside for those coordinating them, annoying for contributors of individual risks and awful to those reading them. The trouble is readers don’t know where to start, the red lights don’t even float to the top. The list is too exhaustive but each line is so succinct that there isn’t much anyone can gleam from this. So What? There is no so what, just HELP! It’s not working, at GOAT, we take away the pain of coordinating and reporting, we position the process for value to all participants so that junior and middle team members can input while seeing where things fit in and hearing what is happening in the organisation, middle leaders can receive information from the team but also can sculpt executive summaries so they can communicate effectively to senior leaders. Senior leaders focus on what matters, see the data and know that if something else needs escalating, they will be raised so no news truly is good news. Before we get ahead of ourselves, it’s just a simple and low cost tool, it doesn’t actually change your risks, improve your numbers or make your decisions – but used right it will make your life easier and enable you to reduce risks, manage by numbers and make better decisions.