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09/11/2016 / Protecht News & Events, Risk Culture

COBA 2016 – Lead. Change. Grow. How does this theme apply to Protecht?


Protecht was proud to provide its continuing support for the COBA conference. This year’s event was held in a somewhat wet and windy Adelaide – more about that in another article where I talk about real-life Business Continuity Planning (BCP) - but we didn’t let the weather dampen our enthusiasm. As usual, the conference provided a great environment for attendees to learn about a wide range of topics applicable to them.

Myself, Selina and Rajes met with numerous people enjoying a chat and letting them know what Protecht has been up to over the last 12 months and what the next year has in store for us… The theme of the conference “Lead. Change. Grow.” was particularly apt for us this year:

Lead: Protecht continues to be a leader in the provision of risk management services and was proud to be able to show attendees its new Bow Tie app for the iPad which is free to download and try. The app allows you to complete a Bow Tie risk analysis on your iPad or iPhone instead of a whiteboard. The Bow Tie can then be shared amongst other app users for easy editing and updating. If you didn’t get the opportunity to download the app then go to the Apple app store, search for Protecht and get started today.

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31/10/2016 / Risk Culture, Risk Audit, ERM

The Risk of Gifts and Entertainment

As we approach the end of the calendar year, businesses grapple with the issue of giving and receiving gifts and entertainment to and from suppliers, customers and other stakeholders. This blog looks at the psychology of gift giving, the inherent risks in both giving and receiving gifts, and how the implementation of a ‘Gifts and Entertainment’ register can provide a defensible position if questioned about the probity of giving or receiving gifts.

The giving of gifts is ingrained across all cultures and societies. As an evolutionary trait, the act of giving a gift could be as old as humans. Individuals who generously gave would have more easily attracted a mate, and small gifts of food between members of a troop have been observed in our closest animal relatives, the chimpanzees.

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13/10/2016 / Risk Culture, Risk Analytics, Business Intelligence, Risk Intelligence

The Power of Risk Data - Risk Intelligence

Many organisations that have implemented risk management systems – be they for compliance management, incident management, health and safety management, financial risk management – have failed to realise the value of the data that they collect each day, week, month, quarter and year. The reason for this is that they have not appreciated the value of that data when viewed collectively, only focusing on the data in the context in which it was collected.

While focusing on ensuring that the right data is collected correctly is an essential element in the risk management process, the real value of a good risk management system is the ability to quickly and easily consolidate, translate and display the risk data in a meaningful way so that appropriate analysis can be undertaken and business decisions made, transforming it to risk intelligence.

The real benefit of your risk management system should stem from its ability to release the power of the risk data captured and stored in the system: taking risk data and transforming it into business intelligence.
 
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27/09/2016 / Enterprise Risk Management, Risk Culture, Risk Maturity, Risk Manager

Successfully Implementing an Enterprise Risk Management System

5 factors of success

I was thinking about the characteristics of companies that make the decision to acquire and then successfully implement an Enterprise Risk Management software solution. Why? Well, we are in the business of providing software solutions to companies so we are always interested in understanding, why certain companies get more out of ERM solutions than others.  However, upon reflection, I think it is also important for companies on the ERM journey to reflect on these factors of success in their own decision-making process. So what are some of the factors of success?

1. Company Size – Does Size Matter?

Often company size is considered as a driver for moving to an ERM software solution. The bigger the company, the greater the need as there are more people involved in the process. Manually following up actions, treatment plans and risk assessment becomes more time-consuming and prone to errors. So generally speaking, we would expect some correlation between the number of ERM installations and size.

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14/04/2016 / Bow Tie Analysis, Risk Culture, Risk Appetite, Risk Manager

Are you a risk manager?

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I am often asked “what are the key requirements that make a good risk manager?”  My first response is “to be able to walk on water”. Such is the required varied skill set of a good risk manager.

The roles and responsibilities of the risk manager are many and varied depending on the organization they belong to. I will use the example of an organization that has an independent risk management function where risk, and the day to day management thereof, is owned by the business. Let’s look at the key characteristics of the CRO and the staff of the independent function.

The main function of the independent risk manager is to review and challenge what the front line business is doing to manage risk. In addition, they should be seen as subject matter experts and assisters in developing and maintaining the risk management frameworks. They should be seen as value-adding and adopted by, and engaged with, front line staff.

What are the key skills and characteristics needed to be a success in this role? Here is my list:

  1. Risk management is to a large degree an art form. This requires a strong right hand (artistic) brain, able to cope with qualitative and inexact concepts and able to “see” into the future.

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05/01/2016 / Security Risk Management, Risk Culture

Our Most Popular Risk Management Articles in 2015

Happy New Year! 2016 has arrived and at Protecht we wish to take the opportunity to go back in time and share our most popular blogposts from 2015.

We invite you to enjoy these articles for the first time or reading them again. Just click the article title for the full view.

1. Compliance Risk Management

  • Analysis of the relationship between Compliance Management and Risk Management. Do you think that compliance is a subset of risk management?
  • See the difference between the Management Processes in each standard: ISO 31000 and ISO 19600.
  • Compliance risk management should form an integral part of the overall enterprise risk management (ERM) framework, and risk professionals should consider compliance risk as part of their overall portfolio of risks.

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29/12/2015 / Enterprise Risk Management, Risk Culture

Risk Management's Coming of Age?

As 2015 comes to a close, it is a good time to observe how risk management has continued to mature and grow towards the fully legitimised business function that we at Protecht believe it should be. Looking back, 2015 has been a defining year for Protecht and the wider risk management community.  

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09/12/2015 / Risk Culture, Risk Management, Risk Controls

Risk Management Controls in Tough Mudder


See the Slideshare and find the pictures of Protecht team members in Action

Tough Mudder is an endurance event series in which participants attempt 16–19 km military-style obstacle courses that test mental as well as physical strength. The obstacles often play on common human fears, such as fire, water, electricity and heights. 

The main principle of the Tough Mudder revolves around teamwork. The Tough Mudder organisation values camaraderie throughout the course, designing obstacles that encourage group participation. The first event was held in 2010 and to date, more that 2 million people worldwide have participated.

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18/11/2015 / Risk Culture, Risk Management, Risk Appetite, Risk and Control Self Assessment, Performance Management

How to Balance Risk and Reward in your organisation?

Finding the Optimal Balance to make better decisions

Organisations, or more precisely, the employees of organisations, make hundreds, if not thousands of decisions a day.  Some are major, such as deciding on strategy or whether to purchase a new system while many are small, such as whether to take the stairs or elevator or where to place your coffee on your work desk.

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05/11/2015 / Protecht News & Events, Risk Culture, Risk Management

Active Presence in Risk Management Events

Protecht Supporting Industry Associations

The conference season is upon us and once again Protecht has shown its support of the risk and compliance profession through its participation at key industry association events in Australia, such as COBA, GRCI and RMIA Conferences. 

Our first event of the season was the Customer Owned Banking Association (COBA) Conference held in Darwin in mid-September. Protecht has had a long connection with the mutual banking sector, with a large number of COBA member organisations and their Boards being trained by David Tattam and many member credit unions and mutual banks using Protecht.ERM, Protecht.ALM and Protecht.CCRM for their enterprise, market and commercial credit risk management needs.

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