"How do you manage risks in a world of uncertainty and constant change? What are the secrets? Where are the clues? The answers lie not in the stars, but in how you look at them." - Chester Lim, Director (Business Risk Consulting)
THE POLICY OF BEING TOO CAUTIOUS IS THE GREATEST RISK OF ALL
The business risks of the new economy are great and paradoxical. Venerable institutions have been brought down because they failed to recognize and manage emerging risks. Great companies have stumbled because they failed to take necessary risks to remain relevant.
In this dawning age, risks abound. They arise because of the speed at which competitors change and out of the complexity of global markets. They are rooted in the limitations of technology and the frailties of human nature. They are inherent in the environment, buried in processes and hidden in information used to make decisions.
Every organization, including yours, needs to manage business risks as a strategic imperative and as a tactical necessity. Strategic, because risks are buried in every business model and market. Tactical, because your success in managing risks will decide the probability and scale of your success.
RISK MANAGEMENT IS NO ACCIDENT
Effective business risk management is neither accidental nor incidental. It is sophisticated, systematic and comprehensive. It requires deep knowledge and skills - proven competencies that many organizations are ill-equipped to develop or support on their own.
To manage your exposure, you need expertise in such areas as technology, business processes and controls, treasury and commodity risks, integrity risks and the risks specific to your industry and market.