Strategies for Effective Risk Management in Business

In today’s dynamic business landscape, risk management is a crucial aspect of maintaining the stability and success of any organization. We reached out to a diverse group of industry experts for their insights on effective risk management strategies. Here, they share their perspectives on various aspects of risk management:

1. Darren Reid, Senior Director of Security Business Unit at VMware
   • Emphasizes the importance of cyber risk management in the face of evolving cybersecurity threats, emphasizing the need for leadership to frame the conversation in business terms.
2. Selina Gerner, Partner at McGrathNicol Advisory
   • Highlights the significance of understanding and addressing supply chain risks, especially in light of challenges such as lack of awareness, limited data, and unstructured planning.
3. Seelan Nayagam, President, Asia Pacific, Middle East and Africa at DXC Technology
   • Discusses the threat of toxic tech debt and the importance of addressing legacy systems and technologies to prevent productivity loss and resource drain.
4. Michael Fingland, CEO of Vantage Performance
   • Outlines four crucial actions businesses can take to minimize risk, including having the right strategy, planning for the worst, using the right tools, and maintaining effective communication.
5. Danielle Owen Whitford, CEO at Pioneera
   • Focuses on people risk, suggesting steps to mitigate it, such as avoiding single-person risk, supporting secure remote work environments, and using technology to support mental health.
6. Gordon Marx, Product Marketing Director at Oracle
   • Addresses the risks associated with siloed information in the construction industry and promotes the use of integrated construction management solutions to mitigate risks and build trust.
7. Brett Newstead, Director of Sales, ANZ at Zebra Technologies
   • Discusses the importance of choosing the right software and purpose-built enterprise smart devices to minimize operational risks, particularly in supply chain management.
8. Andrew Ward, Chief Risk Officer at Banjo Loans
   • Stresses the need for businesses, regardless of size, to understand and assess the risks they face and create plans and controls to manage them effectively.
9. Pamela Jabbour, CEO at Total Image Group
   • Shares strategies for risk management, including diversification of client sectors and account size review, to ensure financial stability and business longevity.
10. Simon Laskaj, Regional Director, ANZ at Confluent
    • Highlights the value of data streaming in assessing and minimizing risks, particularly in the context of improving cybersecurity and digital risk management.
11. Rolf Howard, Managing Partner at Owen Hodge Lawyers
    • Emphasizes the importance of addressing legal risks, such as compliance, employment contracts, data protection, and intellectual property, to avoid financial and operational implications.
12. Mollie Eckersley, Operations Manager, ANZ at BrightHR
    • Advocates for proactive risk management through centralization and digitization of operational processes, ensuring transparency and efficiency.
13. Geoff Coley, Regional CTO, Asia Pacific at Veritas Technologies
    • Discusses the need for a comprehensive approach to assessing and minimizing risks, including contingency planning, resilient IT systems, and continuous training.
14. Andrew Reszka, Director of Sales Australasia at FLEETCOR
    • Highlights the importance of choosing the right solutions for fleet management to minimize operational risks, improve efficiency, and adapt to market conditions.
15. Josh Read, Global COO at IDVerse
    • Addresses the increasing threat of payment fraud and the significance of implementing digital identity verification solutions to secure financial transactions.
16. Paul Trotter, Security and Intelligence Lead at World Travel Protection
    • Shares strategies for assessing and mitigating risks in business travel, emphasizing preparation, risk awareness, and real-time intelligence.
17. Simon Cohen, Founder and CIO at Cohesis
    • Advocates for a holistic approach to cybersecurity risk management, incorporating both technological and human dimensions to create a robust defense against cyber threats.
18. Nina Thomas, Founder of Continuity Council
    • Emphasizes the importance of identifying, prioritizing, and mitigating risks, including the need for stress testing, risk workshops, and a culture of risk awareness.
19. Abid Ali, Founder and CEO at SpendConsole
    • Addresses payment fraud as a significant risk and provides strategies for securing financial transactions, including staff awareness, procurement procedures, and AI-powered tools.
20. Paul Trotter, Security and Intelligence Lead at World Travel Protection
    • Emphasizes the holistic approach to risk management, encompassing factors such as physical, network, application, and data security, as well as the human element in dealing with evolving threats.

These expert insights offer a comprehensive view of effective risk management strategies that can help businesses navigate the challenges and uncertainties of today’s business environment. By adopting a proactive and holistic approach to risk management, organizations can better protect their assets, reputation, and long-term success.

Stay updated with supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.

#RiskManagement #CyberRisk #SupplyChainRisk #TechDebt #PeopleRisk #OperationalRisk #BusinessContinuity #StrategicPlanning #Cybersecurity #FinancialStability #DataStreaming #Compliance #LegalRisks #FraudPrevention #BusinessLeadership #DigitalRisk #EnterpriseSolutions #ResilientIT #DigitalIdentity #BusinessRisk #RiskAssessment #SustainableRiskManagement #BusinessStrategy