What are Risks?
Risks are either a threat or an opportunity that will impact on achieving objectives (risks can only exist in relation to an objective). Therefore, make your objectives SMART (Specific, Measurable, Achievable, Realistic and Timely) objectives. SMART objectives will help you focus on what you want to achieve by when and to what quality. The risks then associated with the objective outcomes can be more easily determined, monitored and controlled.
The benefits of having effective Risk Management
- Service delivery becomes more efficient and effective.
- Help identify and avoid unexpected risks.
- Reduces customer complaints and boosts customer satisfaction.
- Supports cost – benefit analysis.
- Improves reputation and will help make your authority an employer of choice.
How TIAA can help you achieve this
- We look at risk maturity – do you know what yours is?
- We can perform a health check on your risk management arrangements.
- We can provide training and workshops to all staffing levels across your organisation including Board, Corporation, Governors, and Members.
- We can act as mentor and/or facilitator to work with your Risk Management Team.
Risk Management is a never-ending journey – as Donald Rumsfeld (US Secretary of Defence) once said “there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don’t know we don’t know.” Risks that catch us out fall into the later categories and that makes Risk Management so important – IF DONE PROPERLY!
Risk Management Workshops
TIAA also offer Risk Management workshops. Let us join you onsite to provide an insightful session that delves into the world of Internal Audit and Risk Management. Discover how to identify potential risks and consider mitigating actions specific to your organisation, to minimise these risks to help safeguard your organisation’s future.
An outline agenda of the workshop is as follows;
- An overview of what Internal Audit does.
- How Internal Audit is part of the Risk Management process and an opportunity to carry out a mini review to increase understanding of the processes involved.
- Review of your Risk register with risks selected for an interactive workshop to review the risks and identify areas for consideration.
This workshop is suitable for all staff, managers and is particularly insightful to aid understanding of the risk management process and why it is so important.
To find out more and arrange your in-house workshop please contact us .
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