Risk Management Insights

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10/03/2017 / Enterprise Risk Management, Risk Culture, Risk Management

How to Achieve your Risk Management Goals

TEN KEYS to Risk Management Success 

Having worked with many clients over the years in implementing, maintaining and developing their risk management systems you learn what works and, on the other hand, what does not.

The following are my top TEN KEYS to success – get these right and you will have a risk management function that is seen as critical as any other management function in the value it adds.

1. Keep it Simple

With any developing discipline, there is a tendency to invent new words and use big words that sound smart but no one understands. Risk management is no exception with a myriad of fancy words and acronyms. 

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23/02/2017 / Risk Management, Risk and Control Self Assessment, Risk Maturity, Risk Controls

Expected and Targeted Risks

Are they useful?

Residual risk, the risk after considering existing controls, is universally accepted as important to assess in the risk assessment process. 

In a previous blog article,  we questioned whether inherent risk was useful. We concluded on balance that it can be a useful concept to recognise and assess. Inherent risk is useful in providing assistance when assessing the importance of controls and helping in the understanding of stress test scenarios.

This blog takes the next step and explores whether “Expected” and “Targeted” risk are useful. 

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16/12/2016 / Protecht News & Events, Risk Culture, Risk Management

2016 - The Year That Was

2016 Done and Dusted

Over the last three weeks we have had Christmas parties in Melbourne and Sydney for our clients, as well as our staff Christmas event. (Check out more photos at the end of the post.) Needless to say, we are all looking forward to some downtime leading into the New Year.

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20/05/2016 / Enterprise Risk Management, Risk Management, Risk Appetite

When to Invite 'Good' Risk

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During this month we have been talking about Risk Management and Risk Appetite. NSW Business Chamber also interviewed Our CEO Alf Esteban on the value of risk management to organisations - regardless of size. We wanted to share this article with you; we hope you find it useful:

Don't just tick the box of risk management - think outside it.
It's where real value lies.

As kids we’re taught to avoid risk but embracing it may be the best thing you can do for your business.

Risk management is a day-to-day part of running a business, but many organisations are failing to manage their risk effectively, resulting in reduced productivity and even profitability. 

Look through negative perceptions

“There is a perception that all risk is bad in business and that ‘managing’ it is just about compliance,” says Alf Esteban, Chief Executive Officer of risk management company Protecht. “Consequently many businesses look at it as something they have to do, a box they have to tick, without seeing the value of it.”

In fact, placing a higher value on risk management is one of the best things you can do to ensure your business flourishes. 
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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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02/12/2015 / Security Risk Management, information security management, Risk Management

Cloud Computing- Food for Thought

WHAT TO HAVE IN MIND?

The move towards cloud computing is exciting for many businesses. Not only are they able to realize cost savings through lesser maintenance of their own IT systems, many cloud tools enable new levels of sharing, collaboration and ease of access, which can transform the way businesses work.

However, wider adoption of cloud computing leads to increased scrutiny, both from users and regulators. The availability, integrity and confidentiality of data remains critical for any business regardless of whether it is stored on site or in the cloud. Thus prior to entering any hosting or cloud arrangement, companies should have a robust process in place to evaluate the service.

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18/11/2015 / Risk Culture, Risk Management, Risk Appetite, 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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11/11/2015 / Enterprise Risk Management, Risk Management, ERM

The Experience of Having a Risk Management System

A REAL LIFE APPROACH

Risk management is a continuous journey. In our personal lives we instinctively make risk based decisions according to our own risk appetite. As we move from our teenage years to adulthood to middle age to our senior years, our internal risk management evolves and matures. The same applies with the organisations we work within. Their external and internal context evolves, their risk management matures and evolves to meet the challenges of the changing environment.

This week’s blog is an interview with Michael Blacker, Chief Risk Officer at Police Bank. In this interesting conversation, he shares his experiences and challenges with the evolution of risk management at Police Bank and explains how Protecht.ERM is being used to embed risk management throughout the organisation. We hope that you enjoy the interview.

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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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27/10/2015 / Enterprise Risk Management, Risk Culture, Risk Management

The Road to Enterprise Risk Management Maturity

FOUR things to carefully consider during your journey to ERM maturity

The yellow brick road led to the Emerald City. The enterprise risk management (ERM) Emerald City is the risk management maturity we are all looking for, but most of us do not know where it is exactly and even what it looks like. We do, however, have an idea.  In a number of five step maturity models, the 5th and final stage is often called “Optimised”. What does this look like?

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