Risk

Leadership is something that is not generally associated with risk specifically however it is actually the most important skill for any senior leader, and risk management is but just a single arrow in a quiver of many arrows.

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Sticking our heads in the sand, and saying we don't have enough time, is no longer an acceptable option.  Our roles, each of us, is to get smarter and more efficient and effective at gathering this information, analysing it and then making appropriate decisions.

The leaders of now and into the future will be those that can effectively manage the information on the information superhighway.  And these managers will be car poolers.

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Guest author Eric White, who leads the retail strategy practice at Wren, providers of physical security solutions used by some of the world’s most innovative and respected retailers, talks about how businesses of every kind face risks. But for many, risks are thought of as the catastrophic-type events that - as completely devastating as they would be - don’t necessarily represent the most pressing threats to the day-to-day business. The face of risk is changing. It’s not just about the traditional, obvious risk events like earthquakes, tornadoes, or active shooters. Increasingly risks are those things that can slowly eat away at your business and profitability.

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"The internet provides its users will valuable resources for research and analysis, and for risk management the new innovation is utilising the richness of data on the internet as a critical tool for success."

We share with you an infographic on risk management which provides interesting insight into the current trends relating to internet searches on risk management.

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Operational risk is a topic that has seen a significant rise in the amount on "online chatter", particularly since early 2000.  Some interesting statistics are presented in this infographic on operational risk, not the least is the amount of postings on operational risk represents no more than 10% of the amount of postings on the internet for the iPod since 2000!

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Organisations that value the customer and evaluate themselves on their effective response to events will prepare incident response plans prior to events through analysis of their business processes and identification of potential failure points.

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The complexity with operational risk management is that concentrating on management's understanding of the risks (being the top-down view) can inherently limit the true depth of risks that exist.  It neglects the risks associated with the operation of complex individual processes, which can each individually impact the organisations performance.

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