Page 15 - CIMA MCS Workbook February 2019 - Day 2 Tasks

Chapter 9

PROJECT AND RELATIONSHIP

MANAGEMENT (E2) PRACTICE TASKS

TASK 1 – RISK AND NEW TECHNOLOGY

Trigger

To: Senior Financial Manager
From: Finance Director
Date: Today
Subject: Risk and new technology

As you know, we are considering the introduction of new technology in Crowncare, in particular
laser powered drills and 3D scanning.

We have always prided ourselves on investing in the latest equipment but the industry is changing
rapidly and with these recent innovations in particular I can’t help thinking we have taken our
“eye off the ball” when it comes to the wider business issues that this technology could address.
We must be sure of consistency in our approach to risk.

No one on the board currently has responsibility for risk which has the potential to result in
significant problems. We need a robust system in place to be sure that we are aware of all
potential risks and hazards. Failure to recognise risks and implement mitigating processes will
potentially have a major effect on the reputation and brand of Crowncare.

This is likely to entail changes to current processes, and perhaps even the creation of a new
department…we need to be sure that any such changes will be managed carefully and fully
understood. Losing staff due to uncertainty is not something we should ever want to
contemplate.

In advance of the next board meeting, where we can we discuss this suggestion; can I have your
views in terms of best practice in risk management?

Morrison

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