Tuesday, July 31, 2007

Managing Risk Is Key In Volatile World

The Star Metro Classifieds (28th July 2007, Saturday) published an article by Marc Ronez from the Asian Risk Management Institute (ARiMI). I found the article very interesting as it dealt with corporate risk management which is something very new to me (I am still learning the ropes of individual risks!). This article gives a general overview of the elements involved Enterprise Risk Management (ERM) which involves having the right risk control system and processes, financial vulnerability, sensitive to surrounding changes as well as proper adaption of new technologies. Despite all that is said, the author also acknowledges that it is not easy to develop and implement an ERM programme successfully. However,it doesn't mean that budding entrepreneurs/businessmen should procrastinate in implementing ERM. As we are well aware of, knowing and realizing the risks involved are different issues altogether. To know is to be aware of but to realize is to acknowledge and take concrete steps to address the issue altogether. Have a good read and cheers!