Knowledge is power in the risk management industry, an industry that must constantly keep up with a rapidly changing global environment encircling it. In business as in risk management the saying ‘innovate or die’ holds truth. Risk practitioners must always be ahead of the risks that impact their organizations daily, risks which can adversely impact […]
Risk Assessment
6 Must Read Risk Management Books for 2020
Risk management has evolved quite a bit in the last century, from a simple way of managing business risks to becoming a tool assisting business leaders with making smarter decisions involving uncertainty and its subsequent limitations. I have found through my studies and academic work that some of the best risk management books out there […]
Risk Matrices: Pros, Cons and Alternatives
Risk matrices (or risk heat maps) have been in existent for some time and have become a contested topic in the risk management community in recent years. Once heralded as a sophisticated way to visually map risk pertinent to an organization’s revenue-producing activities or the overall industry in which they exist, these tools do have […]
Operational Risks are a Global Focus in 2019
Protiviti and North Carolina State University’s ERM Initiative recently published their annual global risk report titled, Executive Perspectives on Top Risks 2019. This report focuses on the top risks executives are concerned could impact growth opportunities or create operational challenges in executing strategy. Here is the thirty thousand foot view, the global business environment is […]
Risk Identification Framework: A Guide to Taking an Important Step in Your Risk Management Journey
When Mr. Olufemi became an Interswitch Financial Inclusion Agent, he may not have foreseen that a few months later, he would be crying out about serious bodily injury from assault and threats to his life by angry customers whom he owed about N2 million. Mr. Olufemi operated a Quickteller Paypoint shop, and his business plan […]
Speaking in Risk Management Tongues
Abstract A critical step in building an effective risk management culture is understanding the organizational context and speaking a shared language. Driving the right response to risk events requires a common understanding of the potential consequences of outcomes and the criticality of timely response. Without a shared understanding of what is being communicated, risk response […]
Value and Resilience Through Better Risk Management
McKinsey has published an insightful article that explores the value and resilience organisations can achieve, by implementing better and solid Risk Management. The first key point that comes to mind as explained by the authors (Daniela Gius, Jean-Christophe Mieszala, Ernestos Panayiotou, and Thomas Poppensieker), is that “although the risk environment is growing more perilous and costly, leading companies […]
7 Key Steps to Implementing a Risk Culture
In any organization, risks are taken on a daily basis. No one could hope to be profitable without them. However, if risk-taking becomes too extreme, it could lead to customer distrust, employee activities that go against stated values, or even the end of operations. Risk-taking doesn’t necessarily lead to financial or reputational damage, but it […]
