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LEARNING RESOURCES

Are there any risks that no longer
concern you?

CGMA Essentials Kosycarz: I hope that COVID-19-related
risks disappear soon. But companies are
CGMA Essentials gives you 12 months of unlimited access to a operating in an extremely unstable business
library of recorded webinars and conference sessions examining the environment. Some risks may lessen, or
industry’s hottest topics, technical skills, and career development even disappear for a period, but there’s great
essentials.
uncertainty of what the future will bring.
VIDEO The situation that we know today may
change diametrically tomorrow.
COSO Enterprise Risk Management Certificate Program Ledwaba: I evaluate and assess risk
priorities on an ongoing basis, to ensure the
Learn the concepts and principles of the newly updated ERM
framework and be prepared to integrate the framework into your organisation is focusing on strategic risks
organisation’s strategy-setting process to drive business performance. with a high impact, regardless of the
probability. Risks that are no longer of
CERTIFICATE concern will fall to the bottom of the list so
that only key strategic risks remain under
scrutiny.
Enterprise Risk Management: New Approaches for Today’s
Complexities
MacSween: The effects of COVID on our
Understand how policies, procedures, and policing are not sufficient workforce are less of a risk now. We have
to cultivate a strong risk management culture. Learn about leaders’ learned to continue workflow even when
responsibility to step up their commitment to enterprise risk people are off because of COVID.
management by making informed decisions about managing
people, processes, and technology.
What tech are you using in your risk
COURSE management processes? How is tech
helping you mitigate risk?
Kosycarz: We use a tabular list of all
Risk Management is Evolving identified risks related to the company
A key to an effective risk management process is to move from operations, with descriptions, categories,
the historic silo-based approach to an enterprise-wide approach. and valuations. We assign probability to
Learn what the increased risks are for organisations, the use of a each risk to quantify aggregated potential
risk readiness assessment, the importance of retaining talent and impact of negative events, as well as positive
updating your business model, and look at findings from executive events. This gives us a full up-to-date
surveys that identify potential risks. picture of the organisation’s performance.
WEBCAST
Are you willing to identify risk
management mistakes you see
people making?
How have the last two years MacSween: The last two-plus years have Ledwaba: Yes. Risk managers should have
changed your approach to risk made me take into consideration the the humility to accept that line managers
management? human side of risk management a lot know and understand their business better,
Ledwaba: Risk management is no longer more. Statistics, data, and tables can only while line managers need to respect that
the responsibility of the risk manager take me so far, but actually taking time to risk management professionals are also
alone. Everyone in the organisation is a get to know employees and truly listen to experts in their field. Both management and
risk manager. Working in silos is a luxury them means risks can be anticipated risk professionals should be mature enough
we cannot afford to have anymore, and we better. to accept that the organisation’s interests
collaborate across functions and locations. come first, and be willing to listen to each
That’s meant having functional teams; Iyer: The world changed because of other. There is no winner when a bad
collaborating with suppliers, customers, COVID-19, and finally blind “tick box” risk scenario could have been prevented, and
and regulators; and even working with analysis and compliance is obsolete. The the risk manager says, “I told you so.” ■
communities through stakeholder world has woken up to what are real risks
engagement forums to seamlessly identify and threats on a scale [that] has not been
potential risks and benefits of projects. seen in decades. This meant new solutions Sarah Ovaska is a freelance writer
to old problems had to be identified and based in the US. To comment on
embraced. In my particular case, that meant this article or to suggest an idea
finding, resolving, and removing small for another article, email
frauds and other financial damage before it fm-magazine@aicpa-cima.com.
spirals out of control.

22 I FM MAGAZINE I August 2022