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Volume 32, Issue 3

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Thursday, 08 January 2015 06:00

Operational Risk Management: Don’t Run Your Business Without It

Written by  Paul Kirvan, CISA, FBCI

Can you afford to manage a business without knowing the risks? Of course not. But suppose you decide – for whatever reason – to not take risk management very seriously. What could happen? Naturally, your business could fail; that’s probably the worst case. Your business could be acquired by someone else who extracts the worthwhile parts and employees and scraps the rest. The business could simply float along in the river, doing very little but still surviving. Could your business also magically become successful without risk management? Anything is possible, of course, and it would probably be the stuff of MBA team projects or business books. Now that we’ve established that risk management could play a role in your organization’s present and future, let’s identify the activities that you should follow if you want to do it right. First, it’s essential to have senior management buy-in and support. Next, you’ll