New Risks: 8 Keys to Good Management
28 August 2009
Read by 5104 persons
In the current crisis, optimizing the management of new risks is crucial for the company. Advice from Francis Miard, Director of Protiviti France, a consulting, risk management and internal audit firm.
While risks vary from one function to another, the solutions to be implemented to better control them have some common characteristics
1. Know your risks, list and assess them, then act quickly but calmly
2. Stay on course to meet challenges and make difficult decisions
3. Always keep an eye on indicators related to potential risks, to regularly re-evaluate their level
4. Act on major risks (control, reduction, avoidance, sharing...) but also seize the opportunities that arise (price drops, weakening of competitors, presence of talent on the market...)
5. Always ensure the quality and reliability of the information used for decision-making
6. For each function, have a clear, precise decision-making process communicated to everyone, describing the roles and responsibilities of each and setting appropriate objectives; in other words, have good governance
7. Communication, a vector of these good practices, is a key element, a source of coherence, which will help maintain at a reasonable level the concerns that may arise within the company
8. In a crisis, it is necessary to strengthen ties and encourage collaborative work. A global risk management will ensure this cohesion, this transversality and a quick restart after the crisis
Francis Miard
Published April 28, 2009
Posted online May 4, 2009
lexpansion.com
While risks vary from one function to another, the solutions to be implemented to better control them have some common characteristics
1. Know your risks, list and assess them, then act quickly but calmly
2. Stay on course to meet challenges and make difficult decisions
3. Always keep an eye on indicators related to potential risks, to regularly re-evaluate their level
4. Act on major risks (control, reduction, avoidance, sharing...) but also seize the opportunities that arise (price drops, weakening of competitors, presence of talent on the market...)
5. Always ensure the quality and reliability of the information used for decision-making
6. For each function, have a clear, precise decision-making process communicated to everyone, describing the roles and responsibilities of each and setting appropriate objectives; in other words, have good governance
7. Communication, a vector of these good practices, is a key element, a source of coherence, which will help maintain at a reasonable level the concerns that may arise within the company
8. In a crisis, it is necessary to strengthen ties and encourage collaborative work. A global risk management will ensure this cohesion, this transversality and a quick restart after the crisis
Francis Miard
Published April 28, 2009
Posted online May 4, 2009
lexpansion.com
