Enterprise Ireland’s Post

Being subject matter expert in any field is essential to be called successful. However, clear understanding of organisation's governance and risk management structure can make you stand out among your peers. A successful commercial entity has its governance structure delineating following roles: ✅️ Risk Owner: An individual or function which is accountable to manage risk ✅️ Risk Steward A function responsible to oversee implementation of specific risk policies. ✅️ Risk Review A function that independently evaluates and provides risk assurance. Below table summarises key aspects of these role holders.

📢 We keep on hearing risk management is necessary in every organization but why? Risk management is crucial for sustainable growth because it helps organizations to identify, assess, and mitigate potential threats that could disrupt either operations / profitability or reputation. Risk management ensures: 👉 Stabilizing Cash Flow and Profitability 👉 Building a Resilient Operational Framework 👉 Enhancing Strategic Decision-Making 👉 Compliance and Regulatory Adherence 👉 Protecting Reputation and Stakeholder Trust 👉 Enabling Innovation with Managed Risk 👉 Robust organization with sustainable growth #CommunicationSkills #EffectiveCommunication #TeamCollaboration #WorkplaceCommunication #BuildConnections #ActiveListening #ClearCommunication #LeadershipCommunication #SoftSkills #PublicSpeaking #InterpersonalSkills #BusinessCommunication #TeamSuccess #BetterTogether #SpeakWithConfidence #InfluentialCommunication #ConnectAndGrow #ProfessionalGrowth #Networking #ListeningSkills #PersonalDevelopment #تواصل_فعال #مهارات_التواصل #التواصل_في_العمل #بناء_العلاقات #الاستماع_النشط #تطوير_الذات #التواصل_القيادي #نجاح_الفريق #التنمية_المهنية

✳ The three lines of defence: Risk management 🙋♀️ You would have often heard about Line 1/Line 2/Line 3 in Risk management. This is very basic question asked in risk domain interviews. Explaining it simply: 👉 1st Line of Accountability: Employees in Business or Support Units – Accountable for actively identifying, understanding, and managing the risks and obligations across end-to-end value chain to maintain risk within appetite. 👉 2nd Line of Accountability: Employees in Risk Management Support Units – Accountable for developing the risk framework and policies to help Line 1 manage risk and Approve or Accept that Line 1 plans maintain risk within appetite. 👉 3rd Line of Accountability: Employees in Group Audit and Assurance – Accountable for providing independent assurance on the effectiveness of the Risk Management Framework, internal controls, and governance processes. ✳ Regardless of the organisation’s size and complexity, implementation of the three lines of defence is an important principle of an effective risk management framework. #riskmanagement #linesofdefence #interviewquestions #riskmanagementframework

How do we give ourselves the best shot at achieving our strategic objectives? 1️⃣     We embed robust GOVERNANCE practices so that we can monitor business activities to ensure (and obtain assurance) they are aligned and tracking to our objectives; 2️⃣     We embed well-designed RISK MANAGEMENT practices to ensure we manage risk exposure in accordance with risk appetite (which should align to our strategic objectives); and 3️⃣     We engage with a ‘can-do' attitude. Learn more at www.riskforpurpose.com

One day risk owners will ask the risk manager why we manage risks so simply and so imprecisely? It will be a happy moment in the career of a risk manager. Happy but very challenging. What to do next? 1. Another definition of risks must be agreed upon. If the definition "risk is an event" was not discussed and discussed with the risk managers, because most likely there were no risk owners in the organization when the definition was created, now they are. Involvement of risk owners in growing maturity is necessary. 2. The goals of risk management should be discussed and agreed upon, especially the benefits, as well as the resources needed for risk management. 3. New sources of information for risk identification and risk analysis should be sought. Expert experience is good, but becoming insufficient.

Do you work for an SME? If so, do you recognise the benefits of having more robust governance and risk management in place? Perhaps you do, but don’t believe you can justify hiring someone in this role? That is where I come in! I can help you get your ducks in a row and then either train someone in your team to keep things on track, or pop in myself on a regular basis to act as your fractional CRO.

Think different and unleash the hidden potential of your business ! #riskmanagement #efficiency #management #coaching #growatown #sustainability #businesstransformation #financialadvisory #growth

In this episode, we will discuss risk management Item 1: Why manage risk Cost management Time Management People management Item 2: When to manage risk Planning Development Execution Item 3: How to manage risk Planning tools Development tools Execution tools Story:  Risk mitigation in the proposal to the customer

⚠ ALERT: MORE SUPPLIER RISK! FRAMEWORK ALERT! ⚠ ❓How do I build a supplier risk strategy? ✅ NEW: Proactive Supplier Risk Management: A Strategic Approach https://lnkd.in/ewrnAHNA ❓ How has TPRM changed? ✅ 2023 Third-Party Risk Management Benchmark Findings for Procurement https://lnkd.in/e_b6AwQz ❓How do I measure the risk from my suppliers and the benefit of mitigation? ✅Case Study: Supplier Risk Management to Mitigate Future Risk Events from Xylem https://lnkd.in/e265JUbS ❓What is the role of a supplier risk manager? ✅Supplier Risk Manager Job Description Builder https://lnkd.in/eRd6CVmK Want to learn more about supplier risk, and its relationship to TPRM? Book an inquiry today! (Membership required) Cheryl Van Dyke Heather Wheatley Suzanne Petrusic, PhD Ronak Gohel Fareen Mehrzai Doohan Vaz Cian Curtin Mick Keck Alexander Curry Martin Shreffler #GartnerSC #SupplyChainResilience #Gartner #SupplerRisk #TPRM