Risk Management Insights

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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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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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