FREE BOOK: Guide to effective risk management (17500+ downloads)

Risk management is ultimately about creating a culture that would facilitate risk discussion when performing business activities or making any strategic, investment or project decision. In this free book, Alex Sidorenko and Elena Demidenko talk about practical steps risk managers can take to integrate risk management into decision making and core business processes. Based on our research and the…… Continue reading FREE BOOK: Guide to effective risk management (17500+ downloads)

INTEGRATING RISK MANAGEMENT WITH STRATEGY – MOTIVATIONS, CHALLENGES AND TECHNIQUES

The Centre for Finance in cooperation with AB Volvo, SKF International AB and KPMG is organizing an ENTERPRISE RISK MANAGEMENT morning seminar and afternoon roundtable at the School of Business, Economics and Law, the University of Gothenburg on April 27th, 2018. SCHOOL OF BUSINESS, ECONOMICS AND LAW, UNIVERSITY OF GOTHENBURG FRIDAY 27 APRIL, 2018 At…… Continue reading INTEGRATING RISK MANAGEMENT WITH STRATEGY – MOTIVATIONS, CHALLENGES AND TECHNIQUES

Practical ideas: INTEGRATION INTO PERFORMANCE MANAGEMENT

Risk management should be integrated into the performance management cycle of the organisation: both at the individual level and the corporate level. One of the risk managers we interviewed shared an example where traditional static corporate key performance indicators (KPIs) have been replaced with dynamic, risk-based, ranged KPIs. This allowed their management to have bands…… Continue reading Practical ideas: INTEGRATION INTO PERFORMANCE MANAGEMENT

Practical ideas: INTEGRATION INTO BUDGETING

While it is quite common to budget using three scenarios (optimistic, realistic and pessimistic) it may not be sufficient from a risk management point of view. These scenarios are often formed without the risk management team’s participation or even without due consideration of the actual risks, associated with the budget. Thus, even the pessimistic scenarios…… Continue reading Practical ideas: INTEGRATION INTO BUDGETING

Practical ideas: INTEGRATION INTO STRATEGIC PLANNING

We start with strategic planning because it affects all levels of management, hence giving maximum exposure to risk management. Senior management, Board members and even some shareholders input into the process, while the rest of the company and broader stakeholders usually see the outputs of strategic planning. Integrating risk management into strategic planning helps to…… Continue reading Practical ideas: INTEGRATION INTO STRATEGIC PLANNING

Practical ideas: RISK-BASED STRATEGIC PLANNING, BUDGETING AND PERFORMANCE MANAGEMENT

According to the ISO 31000:2018 principles, risk management is an integral part of all organizational activities. and decision making. Picking up on that important point, risk management should be seen as a management tool designed to improve planning, budgeting, performance management and other core business processes. Risk management also helps management to make more informed…… Continue reading Practical ideas: RISK-BASED STRATEGIC PLANNING, BUDGETING AND PERFORMANCE MANAGEMENT

Practical ideas: HELP EMPLOYEES INTEGRATE RISK ANALYSIS INTO THEIR WORK

Over the years, risk managers have tried various ways to get the business units to participate in the risk management process. Some simplified the risk identification and assessment methodologies, others complicated them. The result in both cases was the same – disappointment. Best case scenario – annual or quarterly risk assessments were perceived as a…… Continue reading Practical ideas: HELP EMPLOYEES INTEGRATE RISK ANALYSIS INTO THEIR WORK

Practical ideas: KEEP IT SIMPLE

The golden rule of risk management – the simpler it is, the more transparent and easier it is to understand and implement! The Risk manager’s goal should be helping organisations become more risk-based. Risk management tools and methodologies should be clear to the rest of the organisation and easily adaptable in the normal course of…… Continue reading Practical ideas: KEEP IT SIMPLE