Post by ofrancesconi on Aug 17, 2021 15:52:14 GMT
1. Is Risk ever acceptable? If so, how much risk is acceptable?
Yes, as long as you manage the risk and have a risk management plan. This allows leaders greater control of the company’s future. ‘How much’ is difficult to say as it’s dependent on the organization, what the risk is, and how they plan to mitigate the risk. Is our organization ‘dynamic’ from a risk management perspective. We need to be able to handle the volatility, crises, and disruptive technologies.
2. How would you assess your program/company’s overall risk appetite?
I would start by looking at the overall strategy and understanding our current risks, including our branding and financials. As Ristuccia said ‘how you should be thinking about risk and strategy together’.
3. Is operating without risk a smart business decision?
No, there will always be an element of risk. It also ensures the company will take a level of risk to grow. Plus, some risks are out of our control.
4. Given its growth, what are some risks that The Fedcap Group faces? (include reputational, financial, structural etc.)
We have a large number of risks, particularly given the pace of growth. Our reputation is crucial, especially as most of our revenue comes from donations and funding. This impacts our financials because if we our reputation suffers, so does our funding sources. Our reputation may also determine the caliber of employees we have applying for roles. We also have IT risks, with the implementation of new systems and people learning how to adopt them. Plus the fact we still have numerous systems across different companies that’s preventing cohesion. As mentioned in the article ‘The New Risk Paradigm for Non-For-Profit Organizations’: the need to create an infrastructure capable of synthesizing vast amounts of information and connect the dots across myriad programs, all while simultaneously integrating business strategy, goals and risk management”. This applies to our internal employees and our external clients. Lastly, compliance training, which can be difficult to deliver given our workforce, but it’s crucial given the line of work we are in.
5. How do we engage staff in understanding and actively managing reputational risk?
Training during orientation – our behavior impacts our reputation. Also, regularly communicate to our people what our strategy is, how we’re mitigating risk and what each of us can do to support the process.
6. Discuss a specific example of reputational risk that is directly relevant to your program/company? The roll out of Oracle for our internal customers. Was the implementation seamless, user-friendly, accessible? Was the change management effective? There were certainly learnings from the implementation, which we’re utilizing for future Oracle roll outs, such as Recruitment.
Yes, as long as you manage the risk and have a risk management plan. This allows leaders greater control of the company’s future. ‘How much’ is difficult to say as it’s dependent on the organization, what the risk is, and how they plan to mitigate the risk. Is our organization ‘dynamic’ from a risk management perspective. We need to be able to handle the volatility, crises, and disruptive technologies.
2. How would you assess your program/company’s overall risk appetite?
I would start by looking at the overall strategy and understanding our current risks, including our branding and financials. As Ristuccia said ‘how you should be thinking about risk and strategy together’.
3. Is operating without risk a smart business decision?
No, there will always be an element of risk. It also ensures the company will take a level of risk to grow. Plus, some risks are out of our control.
4. Given its growth, what are some risks that The Fedcap Group faces? (include reputational, financial, structural etc.)
We have a large number of risks, particularly given the pace of growth. Our reputation is crucial, especially as most of our revenue comes from donations and funding. This impacts our financials because if we our reputation suffers, so does our funding sources. Our reputation may also determine the caliber of employees we have applying for roles. We also have IT risks, with the implementation of new systems and people learning how to adopt them. Plus the fact we still have numerous systems across different companies that’s preventing cohesion. As mentioned in the article ‘The New Risk Paradigm for Non-For-Profit Organizations’: the need to create an infrastructure capable of synthesizing vast amounts of information and connect the dots across myriad programs, all while simultaneously integrating business strategy, goals and risk management”. This applies to our internal employees and our external clients. Lastly, compliance training, which can be difficult to deliver given our workforce, but it’s crucial given the line of work we are in.
5. How do we engage staff in understanding and actively managing reputational risk?
Training during orientation – our behavior impacts our reputation. Also, regularly communicate to our people what our strategy is, how we’re mitigating risk and what each of us can do to support the process.
6. Discuss a specific example of reputational risk that is directly relevant to your program/company? The roll out of Oracle for our internal customers. Was the implementation seamless, user-friendly, accessible? Was the change management effective? There were certainly learnings from the implementation, which we’re utilizing for future Oracle roll outs, such as Recruitment.