Trends show that risks faced by Australian businesses are rapidly changing and there are new ones to worry about every year. Therefore, the best course of action would be to annually keep aware of and prepare for the biggest risks faced by Australian businesses. To give you some perspective, cyber incidents, which was ranked as the 15th biggest risk for businesses just seven years ago, is now the number one business risk!
When creating an enterprise risk management plan for your organisation, an integral component to your framework will be Key Risk Indicators (KRIs). Key risk indicators measure the potential risk related to a specific action that could negatively affect your company as well as the likeliness of risks occurring. You can think of them as early warning signals that alert your organisation to financial, operational and reputational issues, to name a few, so you can take early action to avoid or mitigate the possible risks. They are typically quantitative, often in the form of percentages, and when detected, serve as an impetus for deciding how to take action.
A massive component of owning or running an organisation is making sure it is in compliance with external and internal regulations and policies in order to protect it from the risks caused by non-compliance. Compliance risk management is the process of understanding and managing compliance with laws and regulations and helping to better manage the risks associated with non-compliance.
Pan Software is pleased to announce the launch of RiskWare Academy, offering a range of courses designed to train RiskWare users on every key aspect of the software. Hosted at our on-site training centre in our Hawthorn office, fondly referred to as the #Panplex, the courses are led by on-staff RiskWare experts and follow a hands-on approach, working through real-life examples and scenarios.
With greater focus being placed on the risk control environment these days, the challenge for a lot of risk managers is how to be across everything. The big benefit to living in the information age is that technology can be used to create a virtual centralised model via a decentralised approach.