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27/03/2018 / Enterprise Risk Management, Risk Management, Risk Management Training

Enterprise Risk Management made Personal

PRM and ERM – use it in your Personal life

PRM? As we haven’t got enough acronyms in risk management already, I thought another one was required– right?  So, what is PRM? I just made it up – Personal Risk Management! 

They say charity starts at home – so why don’t we look at ERM, sorry PRM, in our personal lives? We can learn a lot from what we do well in our own lives and apply the same principles to our work lives and, bingo, we have good ERM working in our business!

One of the objectives of most people in their personal lives, I hope, is: To live a long and healthy life.

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23/03/2017 / Risk Management Training, Inherent & Residual Risk

Risk Appetite - Inherent and Residual?

 The case for setting both an Inherent and Residual Risk Appetite

In the last two blogs, Inherent Risk - It is useful? and Expected and Targeted risks, I discussed the potential value of assessing inherent, residual, expected and targeted risks. In this article, I go one stage further and discuss the potential relevance and value of setting both an inherent and residual risk appetite. 

The instigator that prompted me to consider this topic came from a board risk appetite setting session I conducted a short time ago. It was clear that the board was not going to agree on the levels of risk appetite for certain risks as their views were quite diverse.

At one extreme, one director wanted to set high appetites, especially for strategic risk, while another more conservative director was very uncomfortable with this and wished to set much lower appetites.  Listening to the conversations it becomes clear that the discussion was at cross purposes.

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16/03/2017 / Protecht News & Events, Risk Culture, Risk Management, Risk Management Training

Risk and Compliance Management Journey

A personal story

Behind every hard-working professional there is always a personal story to tell and one of the best ways of learning is listening, talking and sharing those stories and those personal points of view. A key philosophy at Protecht is to listen and learn from professionals across all lines of business.

I was recently invited to present the Governance Institute Dux Awards for Risk and Compliance, a recognition that Protecht has been sponsoring for a number of years. The award recipients generally don't have a background in risk and compliance management, with many coming from legal or accounting professions.

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10/08/2016 / Risk Management Training, Risk Controls

Risk Controls! Going through the motions or providing real value?


Controls to assist us managing risk have been around for thousands of years. Why – because risk has been around since the beginning of time. Our human instinct for survival has by necessity meant that we have had to try and control our environment and the risk contained therein.

Then the industrial revolution took the need for control to a new level as we placed large groups of workers together and added in a good dose of dangerous machinery and processes. As a result, we have grown to accept controls as an everyday part of our business lives. See an example of controls being implemented in our article Risk Management Controls in Tough Mudder.

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24/06/2016 / Risk Management Training

Why is Risk Training important?



Your people's perception, attitude, risk culture, engagement, behaviour and actions, with respect to risk management, will make or break the success of your risk management framework. It is the number one ingredient for success.

Developing and maintaining the right culture requires knowledge, understanding and skills. This can be acquired in a number of ways including: life experience; work experience; informal learning and structured training. Given the maturity of risk management in most organisations is at the early stages, structured risk training is the most critical. 

Getting a consistent view through specific risk management training gets everyone on the same page.

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06/05/2016 / Risk Management Training, Risk Appetite

Risk Appetite – The starting point of great risk management

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The concept of risk appetite has been around for a number of years now and many organisations have developed a form of risk appetite as part of their overall risk management framework.

The process is not easy, from deciding on how the appetite should be articulated and the exact content of the statement to how the risk appetite can be cascaded through the organization to be practically used in decision making and risk evaluation. These are all difficult challenges.

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15/01/2015 / Risk Management Training

The Importance of Risk Training

The key to successful risk management in your business is your people. Their risk culture, perception, attitude, engagement, behaviour and actions, with respect to risk management, will make or break the success of your risk management framework. It is the number one ingredient for success.

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