Building a Risk Aware Culture for Success
Presented by Mira Butler, Managing Director, Mira Consulting
Thank you very much Mira for your enlightening presentation at our BarnOwl info sharing event held at the BarnOwl offices in Bryanston on the 28th June 2018.
Enhance your organisation’s ability to effectively manage uncertainty. Today’s business world is constantly changing. It’s unpredictable, volatile, and seems to become more complex every day- by its very nature, it is fraught with risk.
Enterprise risk management is a comprehensive, systematic approach for helping the organisation to identify, measure, prioritise and respond to the risks challenging its most critical objectives and related projects, initiatives and day-today operating practices. But, does your organisational culture reinforce your strategy and help you take the right decisions on risks?
Mira’s session explored ways in which to create a culture that re-enforces risk management as value adding and not a ‘tick box’ compliance exercise.
It’s up to us as Risk Managers
Risk Management is about working alongside the business to help them achieve their objectives and strategy but where we as risk practitioners often fall short is that we fixate on the policy, framework and the process of risk management rather than how we can add value resulting in risk management becoming a ‘tick box’ exercise and reactive rather than proactive. It’s how we approach our organisation and how we instil risk management within our organisation that matters!
Changing the Risk Culture
Elements of good risk culture
Impact of inappropriate risk culture
Risk frameworks and polices are important however they are not sufficient in themselves. What is essential is the behavioural element; how people behave in an organisation and how they react and perceive risk. It is also essential for risk practitioners to engage with business as trusted advisors adding value to strategic and operational decision making. Get buy in from the top and build trust, build rapport, have conversations; explain the ‘why’ you need risk management and the ‘how’ becomes easier. Risk management is a day to day activity and needs to be instilled in the organisation. Optimal decision making is about balancing risk and reward successfully.
Written by: Jonathan Crisp
Director – BarnOwl GRC and Audit software
About Mira Butler:
Mira Butler has over seven years of Risk Management experience in the corporate environment. Mira’s area of focus is in Enterprise Risk Management (ERM), working with companies to establish risk governance and enhance ERM processes through identification, analysis and management of enterprise-wide and operational risks.
BarnOwl is a fully integrated governance, risk management, compliance and audit software solution used by over 200 organisations in Africa, Australasia, Europe and the UK. BarnOwl is a locally developed software solution and is the preferred risk management solution for the South African public sector supporting the National Treasury risk framework.