| Believe it or not, the history of systems | | | | business risk assessment this can be a dangerous |
| implementations including some of the risk | | | | approach to take. No two firms will be susceptible to |
| management systems has been terrible in terms of | | | | the exact same risks. The risks are as dependent on |
| what some internal teams have delivered. Tired of | | | | the internal structure of a firm as opposed to the |
| excuses why your process project is up to 600% | | | | impact external forces can have on an organization. |
| over budget AND late, even NOT DONE YET. And | | | | Template approaches can be a useful tool for many |
| you are the person not sleeping well at night | | | | firms, in particular very small to some medium |
| wondering what hidden risk is lurking in this new | | | | enterprises. But for genuinely important approaches, a |
| change on a dime economy. | | | | specifically tailored assessment needs to be |
| Yes, I am talking about projects on enterprise risk | | | | undertaken. |
| management, ERM, operational risk management, | | | | Many firms tend to favor the internal approach to |
| ORM, business process management, BPM, | | | | assessing risk but this approach also has drawbacks. |
| contingency planning or even off site strategy | | | | Most notably it would pull staff away from other |
| sessions. Your internal teams have read about or | | | | areas of the business and there may be a lack of |
| even tried performance improvement, team building, | | | | experience in this field within the firm. To this extent, |
| business planning, process management, | | | | many organizations are seeking to outsource this |
| benchmarking, time management, or even | | | | business activity. And of course, you do not really |
| organizational culture. The number of choices is | | | | want to bring in some major firm who will use your |
| overwhelming. If you are not a multi billion dollar | | | | results to help your competitor the next quarter, |
| company, where do you start getting things back on | | | | even month. How do you obtain a swift diagnosis on |
| track again regarding managing risk better? | | | | the fiscal condition of a firm as well as advising how |
| There are many things that are considered to be | | | | best to develop new strategies and give an |
| difficult in the business world and one of the hardest | | | | overview of the role of your firm in comparison to |
| areas definitely comes in the business risk | | | | rivals and to the overall global market? |
| assessment which can perplex and confuse even the | | | | Just as in sports, the only thing that really matters in |
| most deliberate business minds. The difficulty comes | | | | the business world is results. Hence bringing in an |
| in the fact there is no way of being 100% certain in | | | | expert in the field is an excellent way to deploy your |
| calculating or predicting risks which makes this | | | | limited resources and to find the ways of utilizing |
| business activity one of the most strenuous and | | | | your cash flow more effectively. Whether you staff |
| challenging issues an organization must conquer. | | | | it entirely from internal resources or engage outside |
| A key problem with these assessments is that | | | | independent expertise, the key is to regularly and |
| disasters and unforeseen circumstances can arise at | | | | timely conduct comprehensive business risk |
| any occasion and a level of cover for what seems | | | | assessments. This business risk assessment will give |
| like an endless number of eventualities is required. But | | | | your organization the edge over your competitors |
| not every occasion is equally likely to take place | | | | and will enable easier decision making when it come |
| which means there has to be analysis undertaken of | | | | to strategies and the ways to develop the global |
| all the reasonably potential likelihoods. Many | | | | standing of the organization. |
| organizations have a habit of thinking that the | | | | Or just continue to accept excuses why your risk |
| unthinkable will never happen and the worst case | | | | management process is up to 600% over budget |
| scenario is unlikely to happen to them. But if | | | | AND late, even NOT DONE YET on your enterprise |
| companies like Coke, Lehman Brothers, Toyota, | | | | risk management, ERM, operational risk management, |
| McDonalds and Ford can succumb to unforeseen | | | | ORM, business process management, BPM, |
| problems, then no firm is truly safe. | | | | contingency planning or even off site strategy |
| In these modern times with the proliferation of the | | | | sessions projects. Then maybe you could be the |
| internet and the sharing of information it is common | | | | next cover story to follow Greece essentially cooking |
| place to find many templates available on the internet | | | | their national books, Lehman Brothers 105 |
| which provides a catch-all approach for firms when | | | | transactions or Toyota recalls. |
| drawing up plans and procedures. In the world of | | | | |