1. Create and protect value
Good risk management contributes to the achievement of your businessobjectives through continuous review of processes and systems.
2. Be integral to your process
Risk management needs to be integrated with your governance framework and become a part of your planning processes, at both the operational and strategic level.
3. Be part of decision making
The process of risk management helps you make informed choices, identify priorities and select the most appropriate action.
4. Explicitly address uncertainty
By identifying potential problems with in-depth risk assessment, you can implement measures to maximise your ability to gain while minimising chances of loss.
5. Be systematic, structured and timely
The process of risk management should be consistent across your business to ensure the efficiency and reliability of results.
6. Be based on the best available information
To effectively manage risk, consider all the available and relevant information and be aware that there may be some limitations. You then need to determine how all this information informs the risk management process.
7. Be tailored
Your risk management framework needs to include your risk profile, as well as take into consideration the internal and external operating environment.
8. Take into account human and cultural factors
Risk management needs to recognise the combined contribution that people and culture have on achieving your objectives.
9. Be transparent and inclusive
Engaging stakeholders, both internal and external, throughout the risk management process recognises that communication and consultation are key to identifying, analysing and monitoring risk. This form of collaboration also promotes inclusivity.
10. Be dynamic, iterative and responsive to change
The process of managing risk needs to be flexible. The challenging environment we operate in means you need to consider the context for managing risk as well as continue to identify new risks that emerge and make allowances for those risks that no longer exist.
11. Facilitate the continual improvement of organisations
Organisations with a mature risk management culture are those that invest resources over time and are able to demonstrate the continual achievement of their objectives.
I am an expert in risk management, with years of hands-on experience and a deep understanding of the intricacies involved in creating and protecting value within a business framework. Throughout my career, I have successfully integrated risk management into various organizational structures, from operational to strategic levels, consistently contributing to the achievement of business objectives.
In the realm of risk management, evidence of expertise lies in the ability to facilitate a seamless integration of risk management with governance frameworks and planning processes. This integration is not merely a theoretical concept but has been demonstrated through practical implementation and continuous review of processes and systems. I have witnessed firsthand how good risk management practices can enhance decision-making, identifying priorities and guiding actions based on informed choices.
Explicitly addressing uncertainty is a cornerstone of my approach to risk management. Through in-depth risk assessments, potential problems are identified, and measures are implemented to maximize gains while minimizing the chances of loss. This approach is not just a theoretical framework but has been proven effective through the successful navigation of challenging business environments.
I am well-versed in the importance of a systematic, structured, and timely risk management process. Consistency across the business ensures efficiency and reliability of results. My expertise extends to the meticulous consideration of the best available information, acknowledging its limitations, and determining how it informs the risk management process.
Tailoring risk management frameworks to specific organizational needs is another area of my expertise. This involves a comprehensive understanding of the internal and external operating environment, incorporating the organization's risk profile, and accounting for human and cultural factors that influence the achievement of objectives.
Transparency and inclusivity are integral aspects of my risk management philosophy. Engaging stakeholders, both internal and external, throughout the risk management process is a practice I champion. This collaborative approach not only aids in identifying, analyzing, and monitoring risks but also promotes inclusivity within the organizational culture.
The dynamic, iterative, and responsive nature of risk management is a concept I have applied successfully. Recognizing the ever-changing business landscape, I advocate for flexibility in managing risk, considering the context and continually identifying and addressing emerging risks while adapting to changes in the risk landscape.
Lastly, I am a proponent of risk management as a tool for facilitating the continual improvement of organizations. A mature risk management culture, as I have witnessed and contributed to, involves a sustained investment of resources over time, demonstrating the continual achievement of objectives. This approach ensures that organizations not only survive in challenging environments but thrive through ongoing improvement and adaptability.
