The gargantuan scope of Operational Risk Management
What constitutes Operational Risk (OR)? Just about anything. It can be as localised as a plumbing problem that makes the office toilets unusable, or new software that disrupts office systems across the organisation and its subsidiaries in different jurisdictions while making it difficult for customers to transact online. OR can be
Fraud is never going to happen to us – are you sure?
What is fraud? It has often been defined as anything illegal that benefits the perpetrator. If you add a little extra to your mileage claims, that’s fraud. If you help yourself to office stationery because you’re running low at home, that’s fraud. If you take credit for a design that
Business issues to address before getting back to work during the pandemic
That’s what a lot of people are looking forward to doing, as soon as the pandemic shows signs of abating. Many had hoped that with the beginning of a new year, the tedium of working from home could be traded for the tedium of leaving it for the office, but the
Risk managers and organisation should overcome the mental block of digitisation
Risk management is, to a great extent, about the psychology of managing risk. People have to accept that there is risk to begin with, then understand how to deal with it. In the process, they develop individual perspectives and approaches to risk which are further supported by organisational systems and processes.
Is the Model or Mindset more important for Enterprise Risk Management implementation success?
Implementing ERM in any organisation depends on both the model to be applied, and the mindsets of those who will be doing the implementation. ERM will challenge the organisation, but will ultimately improve its competitiveness, sustainability and growth over the long term. Organisations which intend to implement it should be prepared
Is Risk Oversight Synonymous With Risk Management?
Risk oversight and risk management have an almost-symbiotic relationship. “Almost” because having one almost always implies that you have the other. However, organisations which have risk management may not automatically have risk oversight. Risk management is a must-have for the organisation, but risk oversight depends to a great extent on the
Get your facts right for Enterprise Risk Management implementation success
It’s a bit of a conundrum: some of the factors that make ERM truly effective, are the same ones that make it unpopular too! Many see it as too time-consuming, troublesome, vague and hard to understand, thereby making it hard to implement. But, like every other management tool, framework, system, process
How do Boards and Management strengthen the professional worth using ERM?
Risk management can go a very long way to making a company more valuable. It follows, therefore, that Boards and Management which know how to do risk management right will themselves become more valuable to the organisation. But the Board needs to see the value of risk management to begin with,
Enterprise Risk Management is not just about managing risk
At first glance, Enterprise Risk Management (ERM) is just Risk Management (RM) with an ”E” but there is so much more to ERM than just managing the risks which beset any organisation. RM is good but it tends to be localised, and concentrates on losses, the costs that are incurred and
ERM & Surviving the Pandemic: Where Do We Go From Here?
In the past four months, practically every daily headline has been dominated by the devastation, death, despair and disruption wrought by the Covid-19 Pandemic. Countries have scrambled not only to identify and treat those infected but protect their economies from the fallout of widespread and very necessary quarantine measures. It has