Recent events in the world have brought the subject of risk into higher profile. Evaluating the range of available risk management techniques and choosing the most appropriate response in each case is an increasingly significant element of managerial responsibility in today’s business environment.
We cannot eliminate risk entirely, but our challenge – and our responsibility – is to identify the right risk to take and to minimise any potential negative impact through effective control systems that enable us to meet standards of compliance with legal and other criteria.
This is an important part of a wider subject – corporate governance – which is now figuring more prominently than ever in business development.
Risk analysis and management cannot be left to subject specialists; these activities are now part of the responsibility of every manager, especially as our organisations grow and become more global in their operations. The wide range of activities of all organisations require us to develop skills in all the following areas.
- Risk identification
- Choosing the right tools and techniques of risk analysis
- Designing a risk management and control system
- Dealing with supply chain risk
- Creating a risk awareness culture in your teams
- Meeting the legal, ethical, operational and other governance criteria
In addition, we need to consider the trend of greater involvement of government and inter-government organisations in regulating global operations. Managers need to understand latest developments and state-of-the-art thinking in international standardisation and conformance requirements relation to risk.
Failure to take this into account can be very costly, in terms of damage to business and reputation. The cost of compliance is usually high: the cost of non-compliance is always higher.
Finally, the behaviour of management is subject to closer scrutiny following several high-profile cases of error and misconduct. The field of corporate governance is becoming more complex and the responsibilities of all managers are becoming more strictly defined and subject to increasing internal and external supervision.
“Risk Management, Control and Compliance” is an effective response to these changing pressures in an increasingly global business environment. This topic is becoming a vital component in the career development path of every manager in 21st century business.
Delegates to this OSBM training course come from every specialism within participating organisations, and we invite you to register for this highly-focused interactive programme that is designed to make an immediate impact on the performance of each organisation.
