Risk Management Insights

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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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Enterprise Risk Management, Risk Management, Risk Appetite

Risk Appetite - how hungry are you for risk?

The setting of an organisation's risk ‘appetite' is a critical component of a robust risk management framework. 

This article addresses:

  • What does risk appetite mean and who should set it?
  • How should risk appetite be articulated and how can it be set? 
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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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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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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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Enterprise Risk Management, Risk Culture, Risk Management

How to Achieve your Risk Management Goals

10 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 10 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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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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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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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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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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