Risk Management Insights

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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...

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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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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21/07/2017 / Enterprise Risk Management, Risk Culture, Risk Management, Risk Controls

Prevention is better than cure - and other risk management cliches

There are many well used, almost clichéd phrases in the English language that contain powerful messages for the risk manager. Some that come to mind include:

Every cloud has a silver lining:  If we suffer a risk incident, we can usually find value, especially if we manage the incident really well and learn from our past mistakes.

What doesn’t kill you makes you stronger: Failure is good, as long as we fail within our risk appetite, fail fast, fail with minimal damage and most importantly, learn from our failures. This will only make us stronger in the long term.

And my favourite…

Prevention is better than cure: It is better to practice proactive, preventive risk management rather than reactive firefighting risk management. 

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25/04/2017 / Risk Management, Performance Management, Risk and Reward

Opportunity risk management

Writing blogs in risk management is risky. It has a potential upside and a downside.  On the upside, the hope is that the blog adds to the development of risk management thinking and at the least promotes discussion on ideas that could lead to improvements in this great discipline. On the downside, it opens oneself up to criticism, usually relating to the view that we are overcomplicating things and/or not being technically correct. 

I for one, think the risk is worth taking as I believe the upside outweighs the downside and by and large positive and/or constructive feedback outweighs any negative and or destructive comments.

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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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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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22/11/2016 / 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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