This document discusses the role of boards of directors and risk committees in managing risk. It outlines that boards are responsible for defining an organization's risk appetite and overseeing risk management strategies. Risk committees assist by monitoring risk profiles, overseeing assurance processes, and ensuring proper risk communication. The document also discusses embedding risk management in an organization's culture and systems, and different risk management strategies like transference, avoidance, reduction, and acceptance.
How does Operational Risk Management fit into an organization's Strategic Planning? This presentation attempts to provide a functional and implementable response.
Strategic Planning Society Webinar- Integrating Strategy and Risk ManagementAndrew Smart
• The credit crunch and its subsequent fall-out has rewritten the rules on strategy execution and risk management.
• The balanced scorecard and risk management approaches have evolved as silo processes over approximately 20 years – an approach that integrates both is a natural evolution.
• To effectively streamline management and regulatory reporting, organisations need to adopt an integrated framework, which covers strategy execution, risk management & compliance.
How does Operational Risk Management fit into an organization's Strategic Planning? This presentation attempts to provide a functional and implementable response.
Strategic Planning Society Webinar- Integrating Strategy and Risk ManagementAndrew Smart
• The credit crunch and its subsequent fall-out has rewritten the rules on strategy execution and risk management.
• The balanced scorecard and risk management approaches have evolved as silo processes over approximately 20 years – an approach that integrates both is a natural evolution.
• To effectively streamline management and regulatory reporting, organisations need to adopt an integrated framework, which covers strategy execution, risk management & compliance.
#Contract Risk Audit# By SN panigrahi,
Enterprise Risk Management (ERM),
Risk Audit,
Contract Risk Audit process.
Types of Audit,
Risks Need to be Analyzed
on Four Aspects : SQSC,
CONTRACT ADMINISTRATION
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
#Contract Risk Audit# By SN panigrahi,
Enterprise Risk Management (ERM),
Risk Audit,
Contract Risk Audit process.
Types of Audit,
Risks Need to be Analyzed
on Four Aspects : SQSC,
CONTRACT ADMINISTRATION
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
By having a knowledge about Risk Management, we will be able to foresee future possible problems or hindrances in achieving our objectives by being prepared on what to do or what strategy should be used when pre-identified risk occur.
Finance is the procurement (to get, obtain) of funds and effective (properly planned) utilization of funds. It also deals with profits that adequately compensate for the cost and risks borne by the business
This presentation provides a comprehensive plan for implementing an enterprise risk management program. It covers the costs/benefits of an ERM program, the critical knowledge, skills and abilities of a Chief Risk Officer, a risk taxonomy for insurance firms, a hypothetical organizational structure for an electric utility, a sample risk register, and other useful information.
All organisations, whatever their size or market, face a range of risks affecting the achievement of their objectives. While “risk” is commonly regarded as negative, risk management is as much about exploiting potential opportunities as preventing potential problems.
Risk management comprises a framework and process that enable organisations to manage uncertainty in an effective, efficient and systematic way from strategic, programme, project and operational perspectives, as well as supporting continual improvement. Risk management applies at all levels of an organisation and to all activities.
In this A to Z, I’d like to cover some of the key areas of Risk Management and Treatment and give you a better understanding of this broad topic that underpins multiple quality and ISO standards.
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Being mindful is a grace to provide to yourself. It doesn’t seem to come as easily or as naturally. This state of being occurs not by accident, but through self-awareness. Being mindful comes from living mindfully. It comes from practicing awareness. It is something that anyone can achieve. Being mindful is a state of being that many people have achieved
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
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An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Implicitly or explicitly all competing businesses employ a strategy to select a mix
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Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
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Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
3. Role of Board Significant role in risk mgmt Consider strategic nature of risk Define org’s risk appetite & approach Responsible for driving risk mgmt process Ensure risk mgmt supports strategic objectives Determine level of risk that an org can accept- to match strategic objectives Communicate risk mgmt strategies to the entire org- top/down approach Ensure integration of risk mgmt in operations Review risk and monitor progress of risk mgmt plans Risk mgmt strategy- which risk will be accepted, declined, transferred Appoint a risk committee
6. Risk attitude Risk averse Avoid risk Withdraw from risky ventures Risk seeking Seeking additional risk See risk management as strategic Invest in comprehensive risk mgmt system High risk = high return
7. Risk attitude- cont’d Risk attitude depending on org. 3 factors to consider : Size Structure Development
8. SIZE Small Size Small size = higher risk for org= vulnerable. Smaller product range- so adversely impacted in case if drop in sales. There will be a tendency towards Risk averse strategy – to protect limited product ranges. Large Size Large size = lower risk Wider product range But large size may mean attempt to minimize reputational risk.
11. A portfolio with limited risk means that more risky/daring investments can be made.
12.
13. Risk committee C.G codes don’t specify whether risk comm is needed. If there is no formal risk comm, then the audit comm will take over Roles Update co’s risk profile & appetite Oversee risk assurance process Raise risk awareness Establish policies for risk mgmt Implement processes to monitor & report risk Ensure proper communication of risks @ all levels Ensure adequate training arrangements in place for awareness of all managers. Obtain external advise to make sure risk mgmt process are up to date.
14. Responsibilities of risk committees Assess risk mgmt. procedures i.r.o change in operating environment. i.e identify, measure & control of key risk exposures. Emphasize on benefits of risk based approach to internal control. Risk audit report on critical business areas Assess risks of new ventures/ alliances Review credit risk, interest rate risk, liquidity risk, operational risk exposures, in light of board’s risk appetite. Consider f/s disclosure i.r.o I.C.S , risk mgmt& key risk exposure Make recommendations to the full board on matters pertaining to strategy & policies.
30. Tactical level Risks affecting divisional level. Monitoring is required as it affects eg. continuity of supply Lack of monitoring impact on continuity of process/operations Eg – Resignation of staff leads to a break into normal chain- key process may be left incomplete Staff motivation should be monitored to prepare for any future succession planning.
31. Operational level Monitor risk at day-to-day level. Lack of monitoring is a threat to the org. Persistent lack of monitoring = reputational risk. E.g . Lack of availability of certain goods in the long term will create , in the LT, increasing customer frustration.
32. Embedding risk Embedding risk mgmt : ensure it is part of business’ DNA. Part of the way of doing biz- part of the philosophy. Process of embedding risk management:
33. Embedding risk- cont’d Risk is embedded in : Systems Culture Embedding risk in systems Ensure risk mgmt is included in control systems. Control system will integrate all systems into a proper mechanism. Risk mgmt is an integrated system. Embedding risk in culture This is related to the way people behave , think and act. So employees must accept the need for a system of risk management in the enterprise.
34. Embedding risk Methods of embedding risk mgmt in culture & values Align individuals’ goals with corporate goals Make risk mgmt pervasive, include it in job descriptions Establish reward systems – for those who take risks in practice- no blame game , no victims. Establish metrics & KPI’s that can monitor risk & provide early alerts / trigger buttons.
35. Embedding risk Factors impacting on success of embedding risk in culture Open/ closed culture Overall commitment to risk mgmt policies throughout the org. Attitude towards ICS Governance- include risk mgmt in the org, to meet needs and expectations of external stakeholders. Is risk mgmt a normal part of the org?
37. Transference Trf part or 100% of the risk to a 3rd party. E.g re-insurance / insurance , where 3rd party accepts full liability in case risk crystallise There may also be alliance , strategic partnerships
38. Avoidance Avoid by not investing/ venturing Risk averse strategy But in business , not all risk can be avoided
41. Finally risks is considered from the “pool perspective” or cluster wise
42. E.g diversification investment portfolio.Reduce financial risk/ hedging Hedging- offset risks . Used to manage exposures. Hedging neutralise the risk / reduce risk Forwards contracts- fix the price in advance of txn happening. Neutralise / eliminate the risk from unfavorable movement. Mainly used in purchase / sale of currency.
43. Risk mapping & risk mgmt strategies Risk mapping will determine risk mgmt strategy as shown in the table below:
44. Further risk mgmt strategies Risk avoidance Risk strategy if avoiding the risk but not undertaking the activity Org has low risk appetite Strategy is to avoid risky ventures Risk retention Similar to concept of risk acceptance . Strategy used where risk is minimal or where strategy of transference are expensive.
45. Further risk mgmt strategies Diversify/ spread risk Reduce risk by diversifying into operations into different locations Performance will net off – cross subsidise Overall total risk will be reduced Diversify- spread the risk; eg portfolio mgmt. Risks can be spread by expanding portfolio through integration, thus linking with other co’s in the supply chain.
46. Backward integration- Development concerned with the inputs into the org , eg raw mats, machinery, labour. Forward integration- Development into activities concerned with org’s output e.g distribution, tpt, repairs. Horizontal integration- Development into activities that compete with or complement an org’s present activities . E.g travel agent selling related products such as travel insurance & currency exchange services. Unrelated diversification- development into a completely different area
48. Risk auditing Risk audit is not mandatory. Risk audit is part of general awareness and will be concerned with understanding the risks that the org face. Risk mgmt – is an internal function under resp of mgmt. Internal auditors sometimes cumulate the functions of risk audit also
49. Purpose of risk audit Risk audit assist risk monitoring Provide independent view of risks & controls Fresh pair of eyes may identify errors in the original monitoring process In some legislation, audit work is mandatory e.g SOX After review , internal audit & external audit make recommendation to amend risk mgmt.
51. Advantages of internal audit Familiar with culture , procedure, policy I.A can perform specific & focused risk assessment Internal teams are flexible , mgmt will control their timetable Internal teams focus their reports more than external audit teams
52. Advantages of external audit( weaknesses of internal audit) More independent / less bias Reporting based on ACCA/ IFAC code of ethics Create high degree of confidence for investors & regulators Fresh pair of eyes Outside in approach Internal auditors are used to system and behavior and may not want to question basic established principles External auditors have wide exposure, best practice can be introduced.
54. Process of external reporting of Internal controls & risks Reporting may be voluntary or by statute( US sec 404 SOX) Some reporting systems are more for internal use – eg audit committee Process of external reporting- imply compliance with ethical guidelines.