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  Paper Details                 Browse papers by sector
Achieving Better Management of Risk: Uncovering Hidden Weak Points in Your Program or Project
Author            : Charles W. Bosler Jr.
Designation    :President
Company        : Risk Services & Technology
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Synopsis
Diversification as a risk-management strategy works for stock portfolios, revenue streams, and also, it appears, expert opinion. Chief Risk Officer was the hottest new executive job in 2002. Formal risk-management programs are now common in large companies; in small companies, where mistakes are less likely to be public but more likely to be terminal, such programs are mostly ad hoc or nonexistent. As companies grow, so grows their exposure to risk. Late last year, the Institute of Chartered Accountants in England and Wales published guidelines on risk management for small and medium- size companies that translate readily to U.S. based companies. Those guidelines suggest that managers identify risks in their own sectors using self-assessment exercises or consultants. Once set, risk plans must be monitored and updated, with regular reports made to senior management.

I advise all companies to map and weigh their risks, and to update those plans often. Assumptions change, risks change, a risk-management plan is a living document you have to keep coming back to. For all the ways to control risk, though -- all the tools and strategies -- sometimes reducing risk amounts to nothing more than simple improvisation.

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