Transcript

INSTRUCTOR

So in risk management framework needs to include all the things that are necessary for good risk management to take place. So really, importantly, there needs to be the right people involved. And those people need to have the right behaviours to encourage the right risk management conversations.

They need to be very good at helping to join different people together so that we can get that combined knowledge through the company. And we've got the best chance of putting the right things in place to be successful in that company. So that's the people aspect of it. We need a very clear and as-simple-as-possible process that is consistent wherever in the company you happen to be and recognised and understood. And alongside that, you need the right training as well. And this is hopefully what this kind of training will help people to understand about what is risk management, why is it important, how can you help good risk management take place?

We also need to make sure we've got the right tools that help us to do risk management. Now that's all about either consistent templates. So we're capturing the right kind of information. And we can learn from previous conversations about risk.

And we can make sure all the right elements of the process are happening. And it's also about having maybe the right software solution in place, which helps to make sure that the risk management activity that's happening is really adding value. And we try to remove any of the non-value added activities so that we can make risk management as lean and effective as possible.

We need the reporting framework, which means that the right people get to know about the risks so that the right things can be put in place. And really, importantly, we need the right culture of the organisation surrounding that framework to make sure that we can surface any risks that are there and put specific timely actions in place.