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Risk management must enable rather than stifle innovation and entrepreneurship
Risk management and risk managers need to change according to Prof Colin Coulson-Thomas delivering the opening keynote address at Enterprise Risk Management Conference
By: Policy Publications
achieving a range of other objectives, said:
"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 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."
Details of evidence based research reports by Prof Colin Coulson-Thomas on quicker, more affordable and less disruptive ways of increasing performance and productivity while simultaneously controlling risk, ensuring compliance, enabling innovation and achieving a range of other objectives can be obtained from Policy Publications: