Within an organisation, it is management’s responsibility to identify and manage risk and opportunity within a predefined risk appetite which has been established in consultation with the oversight body, most commonly a Board of Directors or an Advisory Board. Management is also responsible for reporting to the Board that risks and opportunities have been identified
I was asked by the Institute of Chartered Accountants to explore “The Risk Revolution” and its implications for their members. I first challenged the concept of whether a revolution was indeed taking place, explained the aims of Enterprise Risk Management and asked whether ERM actually works. The take away: “People manage risk and culture is
RMP are the risk managers for The LAPP Fund, a NZ local government mutual pool for financing catastrophe risk to essential infrastructure assets. In this presentation I tell the story of the LAPP Fund from its inception in 1993, highlighting the benefits of pooling along the way. The take away: “Pooling is not only about
I was asked to speak at this CPA event. I used the risk management process to help attendees understand how uncertainty in forecasting can be better managed. I highlighted sources of risk around data, psychological biases and the external social, economic and political environment. I included a section on identifying economic “bubbles” such as the
In the current economic climate many organisations are cutting costs, some dramatically. The role of Risk Management in the cost cutting process should be to ensure the right amount of cost cutting in the right areas to deliver short, medium and long term success. Below we outline the role of Risk Management when: Systematically removing