I recently read that risk management begins and ends with decision making. Perhaps this is right, but I believe not in the sense that this statement was originally made. Risk management is more than just identifying the value at risk and deciding which is the best option. While this is important it is only half of the story.
Every plan, every project, every business endeavor operates in the presence of uncertainty and this uncertainty creates the opportunity for risk. This affects decision making, of course, but also affects how a company is organized, structured, the systems and processes that are put in place, and the culture it needs to contend with uncertainty as they make progress towards their goals and mission success.
Unfortunately, up until now, many companies build their defenses around disparate management systems implemented across functional silos and reinforced by reactive behaviors. This creates the possibility for risk to penetrate and propagate throughout an organization largely unimpeded and even when discovered the controls in place are too slow and too late to minimize the impacts let alone prevent them from occurring. Current reactive practices based on audits and corrective actions are not fast enough to keep up at the speed that risk becomes a reality.
No wonder companies are often only one recall, one explosion, or one violation away from losing their regulatory license, or as importantly their social license to operate. Given this context, you would expect much more discussion about risk.
However, this is beginning to change. The risk and compliance landscape are changing and with it how we think about risk and how we use risk management to ensure that obligations can continuously be met in the presence of uncertainty. Join us for the other half of the risk story as we explore: “Compliance at the Speed of Risk,” on February 18, 2020.
Attendees to the webinar will:
• Learn how the risk and compliance landscape is changing and what they need to do to keep up with it.
• Gain understanding about current risk management best practices.
• Achieve a greater understanding of how to use risk management best practices to ensure their organizations can meet their obligations.
• Discover proactive risk management practices to help you keep up with the changing risk landscape.
About the author/webinar speaker: Raimund Laqua is founder and Chief Compliance Engineer at Lean Compliance Consulting, Inc. His focus is helping ethical, ambitious companies in highly regulated, high-risk industries improve the effectiveness of their compliance programs covering safety & security, quality, regulatory and environmental objectives.
He began his career working for a semiconductor manufacturer in Burlington, Ontario (Gennum). Starting as a test-systems engineer he modernized their production testing and developed an integrated statistical process control (SPC) and quality systems based on Oracle, UNIX and EDM technologies. He later took on the role of managing and directing IT strategy, engineering CAD, along with ERP management systems.
Since then, Laqua has consulted for over 25 years across North America applying his technical knowledge and strategic approach to advance critical processes within: oil & gas, energy, pharmaceutical, medical device, government and technology companies. He is a professional engineer with a bachelor’s degree in electrical / computer engineering from McMaster University (Hamilton). He is author of weekly blog articles, and an upcoming book on effective compliance. He speaks regularly on the topics of risk, compliance, and digital transformation.