In Tough Times, Risk Management Means Looking Beyond Current Problems — Lloyd Emerson Johnson
Amidst challenging and uncertain times, effective risk management becomes paramount for organizations striving to navigate and thrive in a rapidly evolving landscape. In an insightful article published on Forbes by author Steve Culp titled “In Tough Times, Risk Management Means Looking Beyond Current Problems”, readers are provided with invaluable perspectives on the importance of looking beyond current problems when it comes to risk management. By adopting a forward-thinking approach and anticipating future challenges, businesses can better prepare themselves, adapt swiftly, and seize opportunities that arise.
The article underscores the significance of broadening the scope of risk management beyond immediate concerns and addressing potential threats on the horizon. The article focuses on 3 imperative principles for risk management leaders -
- Protect the critical components of the business.
In essence, it involves allocating resources to enhance the infrastructure for risk and compliance, particularly in areas such as cloud technology, artificial intelligence, analytics, automation, and security.
2. Focus on costs and efficiency.
This is an opportune moment to streamline tedious and repetitive tasks through automation, expedite transformative projects, and venture into innovative business approaches. Managed services present appealing possibilities to boost productivity and minimize expenses. Additionally, enhancing technology and data capabilities can sharpen the effectiveness and efficiency of functions ranging from compliance to cybersecurity.
3. Recognize the importance of talent
To enhance risk management capabilities, it is advisable for leaders in this field to consider alternative talent pools, such as data scientists and visualization specialists, in order to incorporate fresh modeling and analytics expertise. Additionally, they should reinforce cross-training programs and internal development initiatives to expand career opportunities and further establish risk management as an integral business practice.
Read the full article here.
About Lloyd: Lloyd Emerson Johnson is a results-oriented strategic advisor. With over 40 years of international, broad-based experience, Lloyd considers various disciplines in his approach to management and board governance. Through effectively evaluating all corners of a business, Lloyd Johnson has reinvented the roles of a strategic partner and stakeholder champion. He is a creative visionary who transforms businesses to be effective throughout all of their operations and finances. The pragmatic leader specializes in risk management and ensuring that businesses are prepared for uncertain circumstances.
About Lloyd: Lloyd Emerson Johnson is a results-oriented strategic advisor. With over 40 years of international, broad-based experience, Lloyd considers various disciplines in his approach to management and board governance. Through effectively evaluating all corners of a business, Lloyd Johnson has reinvented the roles of a strategic partner and stakeholder champion. He is a creative visionary who transforms businesses to be effective throughout all of their operations and finances. The pragmatic leader specializes in risk management and ensuring that businesses are prepared for uncertain circumstances.
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