Hindsight 20/20 #3 – shareholders before customers – nothing can go wrong

During the Banking Royal Commission, we have heard evidence of appalling behaviour by Australia’s major banks and financial planners from the past decade, including alleged bribery, forged documents, repeated failure to verify customers’ living expenses before lending them money, and selling insurance to people who can’t afford it. In one example, ANZ admitted at the royal commission that […]

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Risk Tip # 10 – Post Event Analysis

Risk Tip # 10 – Post Event Analysis “We learn from history that we do not learn from history.”  Georg Wilhelm Friedrich Hegel No matter how well an organisation manages risk, there will still be occasions where incidents occur i.e. risks are realised.  In organisations without a well-structured risk management program, these events will likely […]

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Risk Tip # 9 – Describing Risk Treatments

I love reading risks treatments in risk registers – they are always so descriptive.  Some of the treatments I have taken from risk registers over time are shown below: better communication; training in contract management; rolling fraud audit program; additional physical security; more management oversight and action; better change management; and/or recruit additional staff. increased […]

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2018 Blog # 1 – What is a Risk?

It may seem obvious but, fundamental to the effective management of risk, it is essential that we actually understand what a risk is. From the outset let me be frank, I consider the definition of risk management in ISO 31000 (the effects of uncertainty on objectives) to be confusing, and, utterly ineffectual as a definition. […]

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