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Info Sharing Session: Why Risk Management Fails

Date:
6 September, 2018
Time:
8:00 am - 10:00 am

Speaker:

6 September, 2018 @ 8:00 am - 10:00 am

BarnOwl Info Sharing session: 06 September 2018

Why Risk Management fails

Presented by Mira Butler, Managing Director, Mira Consulting

Thank you very much Mira for your enlightening presentation at our BarnOwl info sharing event held at the BarnOwl offices in Bryanston on the 6th September 2018. Chris Palm, Chief Technical Advisor of IRMSA was unfortunately not able to present today due to personal reasons. Thank you Mira for filling in for us at such short notice.

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Mira’s presentation covered the following top 10 reasons for ‘why risk management fails in organisations’:

  • 01. Poor governance and “Tone at the Top”
  • 02. Reckless risk taking
  • 03. Inability to implement ERM
  • 04. Non-existent, Ineffective/Inefficient Risk Assessment
  • 05. Falling prey to the “herd” mentality
  • 06. Misunderstanding the “if you can’t measure it, you can’t manage it” mind-set
  • 07. Accepting the lack of transparency in High-Risk areas
  • 08. Not integrating Risk Management with Strategy-Setting and Performance Management
  • 09. Ignoring the Dysfunctionalities and “Blind Spots” of the Organisations Culture
  • 10. Not involving the Board timeously

In addition, Mira took us through a practical discussion of what we can do as risk and assurance practitioners to embed risk management within our organisation and make it a success:

  • Be an enabler for the “tone at the top” to filter down
  • Build relationships across the organisation
  • Know the business – be a trusted advisor adding value
  • Identify the right risks at all levels of the organisation
  • Deliver meaningful business decision reporting

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What added great value to today’s session was the interactive nature of the audience with loads of questions, answers and debate? Please see attached presentation as well as video link here for more information. The Q&A session is included towards the end of the video clip.

One of the gentlemen suggested that it would be nice to have more case studies / examples of failed risk management. This is a great suggestion and perhaps for a future event we can find someone with first-hand knowledge of how and why a major company has failed. The following are a few articles we have written in the past which include examples and various links to the many corporate and government failures both locally and internationally:

https://barnowl.co.za/insights/counting-the-cost-of-poor-governance-and-reputational-risk/

https://barnowl.co.za/insights/reputational-risk-make-or-break/

https://barnowl.co.za/insights/risk-management-why-the-flags-matter/

https://barnowl.co.za/insights/gm-failure-lessons-to-learn/

https://barnowl.co.za/insights/6373/

https://accounting-degree.org/scandals/

Once again thank you Mira for your time today and for your informative presentation and thank you to all those who braved today’s traffic and attended the info sharing session. We look forward to seeing you at our next info sharing session.

Kind regards

Jonathan Crisp

Director – BarnOwl GRC and Audit software

About Mira Butler:

Mira Butler is highly qualified and has over seven years of Risk Management experience in the corporate environment. Mira’s specialist skills include advisory and implementation at all phases of the risk and business continuity management cycle and can assist in developing your organisation’s risk culture level by providing a proven programme with supporting processes. In addition hereto, Mira’s Governance experience includes providing corporate governance advisory and secretariat services to various organisations. Mira is a member of the South African Risk Manager’s Association (IRMSA).

E-mail: mira.consulting@outlook.com

About BarnOwl:

BarnOwl is a fully integrated governance, risk management, compliance and audit software solution used by over 200 organisations in Africa, Australia, Europe and the UK. BarnOwl is a locally developed software solution and is the preferred risk management solution for the South African public sector supporting the National Treasury risk framework.

Please see www.barnowl.co.za for more information.

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BARNOWL PARTNERS

GRCReady is the official provider of risk management content for the BarnOwl GRC software solution. GRCReady provides extensive risk libraries and risk maturity checklists/surveys which are integrated with BarnOwl.

GRCReady, based in Australia, offers a comprehensive and holistic library of products and associated services including templates, policies, procedures, guidelines, checklists etc.t to help owners and directors of SMEs, startups and corporates to satisfy their corporate governance, risk management and regulatory compliance needs.

By integrating GRCReady's rich content libraries into BarnOwl's GRC software, we are able to offer our clients a state of the art, turnkey GRC solution.

GRCReady provides, arguably, the most comprehensive risk and governance maturity assessment framework with detailed steps and artefacts. BarnOwl's survey and action plan portal provides a simple and effective way to monitor and report on your current state of risk maturity and suggest and drive remedial action plans to take you to your desired state of risk and governance and maturity.

By integrating GRCReady's risk libraries with the BarnOwl GRC software, means that you don't have to start from scratch. In addition, ongoing updates and insights keep you informed and up-to-date on best practices.

www.grcready.com

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Season Rhyrhm is BarnOwl's preferred partner in Botswana assisting with BarnOwl implementations, support services and client relationship management.

Season Rhythm is an established and distinguished player in the ICT sector in Botswana, specialising in a range of cutting-edge solutions. Season Rhythm leverages BarnOwl to provide tailored GRC&A services to businesses in Botswana facilitating:

  • Governance: Enabling organisations to establish and uphold effective governance structures, ensuring transparency and accountability in decision making processes.
  • Risk Management: Equipping businesses with tools to identify, assess and mitigate risks, safeguarding against potential threats and ensuring continuity in a business environment.
  • Compliance: Ensuring adherence to regulatory frameworks and industry standards, protecting businesses from non-compliance penalties and fostering trust among stakeholders.
  • Audit: Streamling the audit process with comprehensive tools for planning, execution and reporting, driving efficiency and accuracy in internal audit and compliance assessments.
  • www.sr.co.bw/ict

BARNOWL PARTNERS

BarnOwl works closely with NSA in the field of GRC and assurance.

NSA is an education and risk & assurance advisory services provider, consisting of a team of professional consultants and facilitators who have been hand-picked on experience and expertise. NSA services include:

  • Strategic intervention: 30 expert consultants facilitating strategic planning, combined assurance, effective governance and risk management assignments.
  • Continuous professional development: CPD training for internal auditors, external auditors, accountants, risk managers, government officials, and psychologists.
  • Online learning: accredited training for the local government sector, including the Municipal Financial Management Program and Supply Chain Management.
  • Online skills development: skills in demand for 2030, including cybersecurity, Protection of Personal Information, Artificial Intelligence, Robotics and programming.

BarnOwl and NSA work closely with our clients to align and enable best practice GRC and assurance framework & methodologies within BarnOwl. NSA regularly presents online information sharing sessions together with BarOwl.

www.nextstepac.com

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Nico Technologies is BarnOwl's preferred partner in Malawi assisting with BarnOwl implementations, support services and client relationship management.

Nico Technologies Limited is an established IT products and services provider in Malawi, specialising in managed IT services, IT infrastructure services, IT project management, digital solutions, digital transformation and IT advisory.

Nico Technologies uses BarnOwl extensively within their own organisation to automate and manage their own risk and compliance functions.

www.nicotechnologies.com

BARNOWL PARTNERS

Morgan Solus is BarnOwl's preferred business continuity specialist consulting firm with its 'BCM toolkit' software. BarnOwl GRC together with the BCM toolkit, provides a comprehensive risk management and BCM software solution.

Morgan Solus is a specialist consultancy firm focusing on risk, resilience and continuity. Morgan Solus's core services are centred on resilience, crisis management, business continuity (BCM), IT services continuity and disaster recovery (DRP) and training.

The BCM toolkit ensures a consistent approach to implementing BCM and IT disaster recover and cuts down implementation timelines by 60% whilst driving up successful outcomes.

BarnOwl's extensive GRC and assurance functionally coupled with Morgan Solus's BCM toolkit provide the ultimate risk management and BCM software solution.

www.morgansolus.co.za

BARNOWL PARTNERS

Arbutus Analytics is Barnowl's preferred data analytics software. BarnOwl GRC integrated with Arbutus Analytics, provides the ultimate in continuous risk monitoring.

Arbutus Analyzer is a powerful data access and analysis solution specifically developed for auditors, business analysts, and fraud investigators. Its robust performance and user-friendly features offer you the ability to access and analyse data quickly and simply.

BarnOwl GRC, integrated with the real-time metrics from Arbutus provides a strategic early warning system driving preventative and predictive capability facilitating effective business decision making business improvement.

www.arbutussoftware.com with local sub-sahara African distributor www.betasoftware.co.za

BARNOWL PARTNERS

Barnowl works closely with Pax Resilience in the field of GRC and sustainability.

Pax Resilience offers solutions in risk, resilience and cyber security. Pax Resilience strive to create peace of mind by assisting you to build the resilience in your organisation so essential to survive and thrive in the volatile, uncertain, complex and ambiguous world we live in.

Pax Resilience regularly presents online information sharing sessions together with Barnowl.

www.paxresilience.io

BARNOWL PARTNERS

Paige Law is the official provider of compliance content for the Barnowl GRC software solution. Paige Law provides an extensive Library of South African acts including provisions [CRMPs] and checklists which are integrated with Barnowl.

Paige Law specialises in compliance, Commercial Law, Legal process consultancy, managed legal services and POPIA/ GDPR.

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