Risk Management
9 views | +0 today
Follow
Your new post is loading...
Your new post is loading...
Rescooped by yvonne gresham from Business Brainpower with the Human Touch
Scoop.it!

Leadership and Risk Culture

Leadership and Risk Culture | Risk Management | Scoop.it

In an increasingly volatile world there is arguably no more important role for senior leaders than to prepare their organizations for risk – taking it, avoiding it and managing it.  This was apparent before, during and after the 2008 financial crisis. Some organizations were ill prepared to manage the risks they had built up over the previous decade of dramatically expanded leverage. They either failed or were badly damaged by the financial markets meltdown and subsequent recession. Others had recognized the risks and had either avoided them or developed robust coping structures, systems, processes and cultures that allowed them to survive or even prosper when the immediate crisis was over.


Via The Learning Factor
more...
The Learning Factor's curator insight, May 13, 2013 4:35 PM

It is only slightly arguable, but many believe that the ability to manage risk is the crucible of a leader’s effectiveness. Failure to manage risk and to develop a risk-focused culture will sink the company and the CEO. Citing two recent, highly visible cases, these Ivey professors describe how the leaders of TD Bank Group and Maple Leaf Foods designed and implemented a strong risk management ethos and strategy in their companies.

Daniels's curator insight, May 13, 2013 4:43 PM

Risk management as an essential. Leadership's role in risk prevention.

Rescooped by yvonne gresham from Business Brainpower with the Human Touch
Scoop.it!

The Art of Risk Management

The Art of Risk Management | Risk Management | Scoop.it

In the aftermath of the global financial crisis, companies worldwide have become more focused on risk management. What was once a concern primarily of senior executives in the financial services sector has now become a top-management priority in nearly every industry.

 

In a global survey of close to 1,500 C-suite executives conducted in the summer of 2011 by Harvard Business Review Analytic Services, more than two-thirds of respondents said that risk management had become somewhat or significantly more important over the previous three years. And in a March 2012 survey of finance executives by CFO magazine, 72 percent of respondents said their companies had increased the amount of time and resources devoted to risk management over the previous two years, with 23 percent calling the increase “significant.”

 

Risk management is essential in today’s volatile economy. And yet many of the very financial firms that took such dangerous risks before the financial crisis had some of the most sophisticated risk-management operations around. What’s more, some of the very few financial companies that had been praised for their deft risk management before the financial crisis have since gone on to make major errors. One dramatic example is JPMorgan Chase, which suffered a trading loss of $2 billion in 2012 due to trades that its CEO Jamie Dimon has termed “flawed, complex, poorly reviewed, poorly executed, and poorly monitored.”

 

 


Via The Learning Factor
more...
The Learning Factor's curator insight, May 5, 2013 5:55 PM

Managing risk involves more than complex financial models and formal risk-management systems. Here are ten basic principles that should govern the art of risk management.

Rescooped by yvonne gresham from Public Relations & Social Marketing Insight
Scoop.it!

Communications Leadership Council » Reputation: 4 Steps to Safeguard Against Risk

Communications Leadership Council » Reputation: 4 Steps to Safeguard Against Risk | Risk Management | Scoop.it

...Effectively managing reputational risk begins with recognizing that reputation is a matter of perception. By definition, reputation risks arise when a company fails (or is perceived to fail) to behave in ways that align with stakeholder expectations. To manage reputation risk, leading communicators design systems to identify and address areas of potential reputation exposure. Smart teams don’t wait until a crisis hits to start monitoring their reputations, especially online reputations. Leading communicators also recognize that reputation risk is too complex and widespread to manage alone. As a result, these teams are equipping others across the organization to respond to and escalate risks appropriately. Those getting it right focus on four fundamental elements to create effective reputation risk management systems. The four elements include....


Via Jeff Domansky
more...
No comment yet.
Rescooped by yvonne gresham from Peter Milsom's Change Delivery Better Mgmt Practice Site
Scoop.it!

IT risk management perceived as compliance burden: ISACA

IT risk management perceived as compliance burden: ISACA | Risk Management | Scoop.it
IT risk management is viewed as just another compliance burden by business stakeholders, according to the results of an ISACA Australia whitepaper.

Via Peter Milsom
more...
No comment yet.
Rescooped by yvonne gresham from Business Improvement
Scoop.it!

7 Simple Tips For Documenting Your Important Business Procedures

7 Simple Tips For Documenting Your Important Business Procedures | Risk Management | Scoop.it

Via Daniel Watson
more...
Iron Dane Richards's comment, September 19, 2013 10:36 AM
This is exactly what we teach as a Business Coach and in our seminars! www.ironsolutionsgroup.com
Sigrid de Kaste's curator insight, September 22, 2013 1:20 AM

One of the most important aspects of your business...documentation of processes and procedures...great tips here

Suchitra Mishra's curator insight, October 3, 2013 1:14 AM

Cannot stress more the importance of well designed documentation in business operations..

Rescooped by yvonne gresham from MarketingHits
Scoop.it!

IBM Reveals The Secrets To Social Business Success

IBM Reveals The Secrets To Social Business Success | Risk Management | Scoop.it

Social business, and indeed social media as a whole, often struggles to achieve the results it should do. Research earlier this year found that just 13% of IT professionals thought their internal social networks were a success. The general failure of social business to deliver results led one group to issue a $10,000 bounty for anyone that could prove positive ROI from their social business endeavours.

So a new report released this month by IBM should be required reading for anyone with a desire to create a social business. The report, called The Business of Social Business: What works and how it’s done, looked at social business projects across 1,000 companies from a wide array of industries. They wanted to find out how companies are using social business and what was working for them.

Three main areas jumped out as being particularly successful:

Creating valued customer experiences

Driving workforce productivity and effectiveness

Accelerating innovation

Suffice to say that each of these are relatively obvious areas to utilise social business and are thus good places to begin the process of becoming social. Of greater interest however is the importance IBM placed on the cultural aspect of social business. Success rests on your ability to weave social into the fabric of how you do business.

In order for this to happen they recommend that the following three issues are addressed:
You need to figure out how to incorporate social metrics into traditional processes
You need to be clear on the risks involved and how to manage them

This is a change management thing, and whilst it will require a unique application of change management, it will nonetheless require tried and tested techniques to influence corporate culture and performance.

I wrote almost a year ago to the day about how successful social adoption is a cultural thing more than it is a technical thing, and this report underlines that completely. The twin issues of ROI and risk however have received more recent coverage.

Social business ROI
Last month Deloitte released a report on the importance of connecting social business with the over-arching aims of the organisation. They suggested that whilst most organisations have ‘best practice’ guidelines in place, most of the time we end up working around those guidelines in order to cope with exceptional circumstances. By making these so called hidden practices visible, social business can then drive real business value.

Managing the risks of social media
The issue of risk was one that was covered nicely by Charlene Li and her Altimeter Group earlier this summer. They broke down risk management into four main areas:
Identify the risk- First things first you have to identify the risks you face. These could be a risk to your brand, a leaking of confidential information, legal violations or identity theft. Altimeter found that the most common threat was to a companies brand, but if you investigate potential sources of risk you may come up with something more specific to your own situation.
Assess the risk - Next you have to assess how likely that risk is to do you damage. It’s basically a bit of probability analysis. Couple up the likelihood of a risk happening with the damage it would do if it did occur to give you a decent understanding of the risks you face and the damage they can do.

Manage and mitigate the risk – The next step is to deal with the risk. You might be able to eliminate it completely (unlikely) or you might be able to reduce the odds of it occuring, or indeed mitigating the damage should the worst materialise. Common strategies here include providing outstanding training on how staff should behave on social media and what you expect from them when they use it.

Monitor and evaluate the risk – As with most things like this, you should never be completely satisfied, so the final step is to regularly review and regulate their existing risk strategies to take account of both the success of the current strategy and the changing landscape within which they operate.


Via Brian Yanish - MarketingHits.com
more...
No comment yet.
Rescooped by yvonne gresham from Ideas management
Scoop.it!

Building an Effective Project Risk Management Scoring Matrix

Building an Effective Project Risk Management Scoring Matrix | Risk Management | Scoop.it

When implementing Project Management solutions I am often in discussion with project teams and managers on how best to control and identify risks within the projects at various levels. Commonly we have reliable methods to control scheduling and communications but don’t manage the project in relation to key objectives and associated risks. Using a Risk Score Matrix can easily and quickly highlight discussion points for the Project Review Board.


Via Denis Failly, 40 Hours
more...
Denis Failly's curator insight, June 7, 2013 11:00 AM
Learn how to build and structure an effective Project Risk Management Scoring Matrix around your own organizations risk scoring criteria
Scooped by yvonne gresham
Scoop.it!

Can Risk Reporting Drive Risk Management?

Can Risk Reporting Drive Risk Management? | Risk Management | Scoop.it

A year ago, my team conducted some research into risk management. We wanted to assess the state of risk management adoption, the role of technology, and the evolution of risk management practices.

more...
No comment yet.
Scooped by yvonne gresham
Scoop.it!

'Too early' to assess flood risk for Aquis casino at Yorkeys Knob - The Cairns Post

'Too early' to assess flood risk for Aquis casino at Yorkeys Knob - The Cairns Post | Risk Management | Scoop.it
'Too early' to assess flood risk for Aquis casino at Yorkeys Knob
The Cairns Post
A GEOSCIENCE expert says it is far too early to gauge whether the proposed $4.2 billion casino development at Yorkeys Knob will be prone to flooding if it goes ahead.
more...
No comment yet.
Scooped by yvonne gresham
Scoop.it!

Big worldwide database aims to identify quake risks, reduce deaths - NBCNews.com (blog)

Big worldwide database aims to identify quake risks, reduce deaths - NBCNews.com (blog) | Risk Management | Scoop.it
Big worldwide database aims to identify quake risks, reduce deaths
NBCNews.com (blog)
The greatest risk of dying during an earthquake comes from collapsing structures and flying debris.
more...
No comment yet.