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Risk management and the board, innovation and entrepreneurship

Risk management and the board, innovation and entrepreneurship

Coulson-Thomas, Colin (2017) Risk management and the board, innovation and entrepreneurship. In: RIMS ERM Conference 2017, 6-7 November 2017, The Omni Hotel Los Angeles, California Plaza, Los Angeles, CA, USA.

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Abstract

The risk management community needs to review its role, contribution and professionalism. Some directors and boards and some governance, compliance and risk management practices have become a “hinder” rather than a “help”. The perspectives of some risk managers need to broaden to embrace networks and supply and value chains. Contemporary risk management needs to be less of a compliance and overhead cost and more of a an enabler of innovation and entrepreneurship. Risk management professionals should become more of a partner in innovation and more of a positive contributor of value. They should look beyond the reporting of risks, and contribute more to dealing with them and identifying and exploiting related opportunities. More risk managers should focus on the support of decision making. They must move on from giving advice on how to prevent downsides and also roll up their sleeves and help their colleagues to achieve upsides. Responsible risk taking is essential for innovation. Encountering risk is evidence that one is alive and trying to accomplish something. Governance, compliance and risk management frameworks need to become continually adapting and learning systems. Applications of performance support can rapidly improve outcomes, ensure compliance, reduce and contain risk, and deliver a variety of other improvements. Incorporating checks and blockers into support tools can prevent outputs that would represent commercial, quality, legal or regulatory risks and enable bespoke responses.

Item Type: Conference or Conference Paper (Keynote)
Additional Information: Opening keynote speech by Prof. Colin Coulson-Thomas, delivered on the morning of Monday 6th November at the RIMS ERM Conference 2017 in the Bunker Hill Ballroom, Omni Los Angeles Hotel, California Plaza, Los Angeles, CA, USA and published by RIMS.
Uncontrolled Keywords: Risk Management, Risk Governance, Risk managers, Risk practitioners, Risk profession, Professionalism, Governance, Risk governance, Directors dilemmas, Cadbury report, Innovation, Entrepreneurship, Compliance, Supply chains, Learning systems, Decision support, Performance support tools
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of Human Resources & Organisational Behaviour
Faculty of Business > Leadership & Organisational Behaviour Research Group (LOB)
Related URLs:
Last Modified: 30 Nov 2017 12:48
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/18162

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