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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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02/03/2018 / Enterprise Risk Management, Risk Culture, ERM

How to promote Risk Culture in your team

In a recent discussion with a colleague on preparing for 'black swan' events, we concluded that regardless of the size, type and structure of an organisation, it was having the right risk culture that was the key success factor in preparing for and surviving an improbable event.

Our view is that getting the right culture to support risk management across the business is the most important ingredient for success. But what actually is this thing called 'risk culture' and where can you get it? We believe that risk culture is the system of values and behaviours that are present in an organisation and guides all the decisions related to risk, made by management and employees. 

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23/02/2018 / Bow Tie Analysis, Risk Management, ERM, KRIs

Effective Risk Management Tool: Bow Tie Analysis

Protecht loves Bow Ties, both formal and informal!  Bow Tie analysis has been around for longer than you might think. 

While some industries including oil, gas and mining have been using the bow tie consistently for years, at a broader level it appears that other industries, such as financial services, are also now realising the value of this simple yet effective risk management technique.

What does the bow tie do? 

Bow tie analysis provides a tool to identify and map out the different components of risk including root cause, risk events, risk impacts and controls. 

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15/02/2018 / Enterprise Risk Management, Risk Management, Risk Analytics

Seven ways to improve your Risk Management Process using Protecht.ERM's latest features

This article is written with all the Risk and Compliance professionals like you in mind. Are you a junior, an analyst or a Chief Risk Officer? Your title really doesn't matter - we are sure you will relate to at least one of the challenges, questions, frustrations, and solutions we are sharing here - at least that is our goal!

My colleague, Stéphane Seguin, Head of Development at Protecht, and I are part of a team that develops technology responses to the problems and frustrations our clients face every day. We are constantly working to make their life easier by improving Protecht.ERM to make the risk management process smoother and simpler.

How do we do this?  By making the interface more user-friendly and improving the design every day.

This article explains the latest features we have added to Protecht.ERM and real scenarios that show how these changes can impact your job in a positive way. 

We have created seven features that respond to specific challenges you might be facing. Can you relate to some of the situations below? Have you ever experienced these issues? 

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16/01/2018 / Compliance Management, Protecht News & Events, Risk Management

Compliance Management in the Aged care industry and more topics... 'DUX Awards'

Interview with Robert James - A Personal story

As one of the leaders of Protecht, I am very fortunate for the opportunity to meet new people all the time. Those friendly conversations that happen at any major event or at any small meeting, are the interactions that shape my role and give me new perspectives on risk and compliance management. 

One of those entities that encourage valuable interactions is the Governance Institute of Australia. Twice a year I am invited by the New South Wales Chapter to present their Dux Awards for Risk and Compliance, a recognition that Protecht  has been sponsoring for the past 5 years, and has become a tradition for us to support. Coming to this event gives me the opportunity to talk to professionals from a wide number of industries and discuss the present and future of risk, compliance and governance.

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13/12/2017 / Protecht News & Events, Risk Culture, Risk Management

2017 Wow... What a Year

Protecht's 2017 in Review! Thank You for Your Support

The last 12 months have been full of amazing changes and challenges for Protecht and we want to take this opportunity to thank all our clients, partners, staff members and blog readers for all the support. We have many reasons to celebrate; continued growth in our wonderful advisory, development and support teams, record growth in client numbers as well as the move of our Sydney head office to a bigger and better space. It was almost 20 years ago that David Tattam and I commenced working together on the Protecht concept, dreaming of one day having a leading risk management training, advisory and software company. There is still more to do as always, but it has been the most rewarding business risk that we have ever taken. 

Below are some of the milestones that made this year unforgettable for us and also some pictures of our clients and staff Christmas parties. Merry Christmas and Happy New Year 2018. 

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13/12/2017 / information security management

Infographic: Information Risk Management Framework

transform_your_data.png

In previous articles, we have talked about the increasing importance that data collection and data management have in business strategy. On this occasion we are inviting you to consider, what are you doing with the information that the company is receiving and storing? Is there a robust process to manage, secure and protect it in an effective way and is that process an integral part of your Enterprise Risk Management framework?

In the infographic below you will see the four key stages that should make up the process. The starting point is to identify all sources of information that are used and managed by the organisation. To do this, you need to design an "Information Asset Register". Once this has been developed, you can then apply risk management to manage the risks that could stop your information management objectives being achieved.

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08/12/2017 / Operational Risk, Key Risk Indicators, Risk Manager, KRIs

How do Key Risk Indicators work?


In February this year, I ran a blog highlighting the power of the human brain and its senses in acting as a personal key risk indicator (KRI) system for personal early warning risk awareness as we journey through this inherently risky world.

This blog looks at the potentially awesome power that a well-designed and well applied
KRI system can have in the business world.

KRIs have multiple purposes. The main one is to act as an early warning system to prompt initial investigation and response so as to deal with a risk early in its life. It helps a firefighting risk manager to become a proactive risk preventer. At a wider level, KRIs allow us to “measure” risk and incorporate risk into risk-based performance measurement, risk-based decision making and risk-based incentive schemes.

So how do KRIs work?

KRIs operate on the fact that as risk develops through its life, from root cause(s), through event(s) to final impact(s), red flags, symptoms and other evidence may be given off.  KRIs tap into this information and turn it into intelligence to then be investigated and acted upon to deal with the risk most appropriately.

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20/11/2017 / Compliance Management, Risk Culture, Risk Management

Compliance Risk Management Real Example

Gorillas and Bears – Comply or Die!

The story of Harambe, the Cincinnati Zoo’s much-loved Gorilla, went global in its interest. A defenceless animal was shot and killed to save a child who had fallen into its enclosure, not to mention the trauma suffered by the child. Investigations have since found that the barrier separating the public from the gorilla was not in compliance with primate-housing standards and requirements.

This simple story serves as a reminder as to the real reason for the compliance requirements and obligations we face, that is, protection of the various stakeholders of our businesses.

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06/10/2017 / Enterprise Risk Management, Risk Culture, GRC

Making Risk Sexy

This article was written by Vicki Wilder , Board Director, Governance Professional. Edith Cowan University. We are sharing it with the Protecht Risk Management Insights Blog readers. 

sexy
ˈsɛksi’
adjective

1. Sexually attractive or exciting. "Sexy French underwear". Synonyms: sexually attractive, seductive, desirable, alluring, inviting, sensual, sultry, slinky, provocative, tempting, tantalizing; more

2. Informal - very exciting or appealing.
"business magazines might not seem like the sexiest career choice"
synonyms: exciting, stimulating, interesting, appealing, intriguing. Source here.

Have I got your attention?

As our team barrelled down the road in an SUV on our way to a team builder last year, a sign blared “Sexy Salmon Fillets” near a fishmonger. The mind boggles. Sexy (definition No. 1) , I’m pretty sure they weren’t, but topic of conversation they remained for months, so hats off to the advertiser - they had our attention. Given the apparent multiple definitions perhaps they meant that the fillets were appealing?

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