Organised in cooperation with Aon Risk Services, the Institute of Directors and the Northern Ireland Audit Office this seminar, 'Thinking and Talking about Risk', was the first in a series of workshops about the risks organisations face and how they are managed. This workshop considered attitudes to risk, its policy and strategic dimensions: the organisation's risk appetite, its tolerance to risk and how these translate into risk strategies and policies. More pointedly, it encouraged positive attitudes towards innovation and tolerating risks that are opportunities worth pursuing, would represent threats having acceptable impacts, or be such that they would be unlikely to require any significant remedial or other action. In effect, innovation involves risk and the prize in the form better, more efficiently goods and services can be worth the risk.
In the long run our future as a region - our standard of living - depends on good ideas. If we don't innovate, things will not improve; they will atrophy. Even if we would want to, we can't stand still; we can't continue to do what we've always done in the ways we've always done them. As budgets are squeezed, and as the market for goods and services becomes ever more competitive, new and better ways of giving people what they need and want, expect or demand will have to be found. Much will depend our propensity to innovate; and on our capacity to manage the risks that will inevitably be involved.
Risk management cannot then only be about risk avoidance -- about identifying and assessing hazards and threats and putting preventative strategies in place. It must also be about defining the organisation's future state. In which case it is about where you want or need to be; about knowing how you're going to get there; and about recognising the risks that will be involved, and then putting mitigation strategies in place.
A Key Points Bulletin reporting in more detail points arising from the presentations and discussion is available on request. A copy of presentation slides is also available. Contact Kim McKnight, (T) 02890 347400.
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