Tag: risk culture

Narim on work floor risk management

Narim conference stresses importance of work floor to risk management

“In recent years risk managers have focused on getting their voice heard in the boardroom, but according to Dutch risk managers, the work floor presents the biggest challenge to embedding risk management throughout an organisation.

A pool of audience members at last week’s Netherlands Association of Risk and Insurance Managers (Narim) congress in Utrecht revealed that 64% consider the work floor the hardest part of the organisation to convince of the benefits of risk management, compared to management (19%) and the boardroom (17%).” >>

Source: Commercial Risk Europe

The Nature of Risk

By David X Martin

The Nature of Risk is an easy-to-understand, entertaining, and memorable story designed to help readers face one of modern life’s most important and difficult tasks—confronting risk. Free of complicated theories or formulas, The Nature of Risk relies instead on a cast of familiar, forest-dwelling animals, each of which embodies a different approach to risk management. At least one of these approaches will seem familiar to every reader—whether they knew they had an approach to risk management or not. Then, as the narrative unfolds, the strengths and weaknesses of each approach will be revealed as they are put to a series of natural tests. Finally, at the conclusion of the story, readers will find a short review section designed to help them frame their first attempts at managing risk—with or without professional help. Read more >

Global Risk Management Survey 2013

 

Aon’s 2013 Global Risk Management Survey report is part of this process, capturing the latest risk trends and priorities facing companies around the world. The report unveiled the top 10 risks now and three years in the future.

Conducted in Q4 2012, the web-based survey gathered input from 1,415 respondents — a 47 percent increase in respondents from the 2011 survey — from 70 countries in all regions of the world and was conducted in 10 languages. Here are the top 10 risks ranked in the report:

Economic slowdown/slow recovery 1 1
Regulatory/legislative changes 2 2
Increasing competition 3 3
Damage to reputation/brand 4 8
Failure to attract or retain top talent 5 5
Failure to innovate/meet customer needs 6 4
Business interruption 7 11
Commodity price risk 8 7
Cash flow/liquidity risk 9 10
Political risk/uncertainties 10 6

In addition to identifying the top risk concerns facing companies today, the survey findings also cover the following topics:

  • How companies identify and assess risk
  • Approach to risk management and board involvement
  • Risk management functions
  • Insurance markets
  • Risk financing
  • Global programs
  • Captives Read more >

Download report

Innovation’s Nine Critical Success Factors

Source: Harvard Business Review
Author: Vijay Govindarajan

Your organization won’t innovate productively unless some underlying factors are in good shape. If “10” is outstanding and “1” is poor, how do you rate your organization on each of these?

1. A compelling case for innovation. Unless people understand why innovation is necessary, it always loses to core business or the performance engine in the battle for resources. The performance engine is bigger, is the center of power, and can justify resources based on short term financial results. So the case for innovation has to be made, and it better be compelling. Read more >

The art of admitting failure

When it comes to business, we are incredibly unaccepting and fearful of making mistakes. And forget about admitting to our mistakes, as that may be construed as a sign of weakness.

But business and leadership is all about relationships. And in any relationship, things go wrong, mistakes are made, ups are followed by downs. The strength of a relationship is not how perfect it is, but how resiliently it deals with the inevitable failures.

Source: Harvard Business Review. Read more >

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