Risk Evaluation


The areas where Genius Methods can help qualify and enrich your own understanding of risk are where:

  • a spreadsheet is used as the current evaluation tool-
    • too manual
    • belongs to one person
    • inihibits thought
    • restricts collection of information from others 
  • ad hoc risk questionnaires are required to address risks-
    • within a given department, business sector, or region where there may not be access to a risk management programme;
    • a manager has a requirement  to address specific issues quickly;
    • the organisation needs to evaluate unknown risks without impacting the main risk model;
    • a  flexibly structured evaluation or checklist which is required for a specific purpose.

We help you think clearly …..

 when structure inhibits thoughts & approach

 The results are presented in one of three ways:

  • graphically,
  • numerically on a defined scale,
  • in colour on a defined mix where each colour has a meaning.

See  Screens and Reports for further information on what the above outputs would look like.

 

Operational Risk Management

Risk is more than the Risk Register, it is also Operational Risk Management.  This is the management of the day to day activities and processes that occur within your business every day. 

  • Operational Risk is often neglected by management as a purely cost consuming exercise … it is work that needs to be done, done correctly first time is logically cost efficient, not performed correctly creates a disproportionately large risk to the business – way beyond the costs of doing it right the first time.
  • People performing operational level tasks, if unmonitored and not made or felt to be accountable, will, due to apathy, not perform their tasks to the standards set in the company.
  • Often only a failure will alert to the problems and then it is too late.
  • Companies need to be as proactive about Operational Risk as they are about other more “sexy” business risks – this subject was highlighted at a FSA Seminar on Risk in June 2010.

View examples of 2010 compliance failures and ways in which operational risk management can be addressed to mitigate risk.

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