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The path to growth is paved with various risks. From financial uncertainty to changing regulations and from cyber attacks to workplace accidents, organisations need to manage strategic and operational exposures alike.
Most importantly, they need to manage risk smartly, and find the opportunity in a complex and uncertain environment.
Mid-size businesses need to develop proactive risk cultures in order to grow sustainably. To do so, they need the right people, processes, and technology in place, and consolidated into an organisational risk framework that enables innovation, investment, and expansion all the while protecting assets, talent and reputation.
Grant Thornton Australia supports organisations in creating and implementing risk management frameworks adequate to their current operations, as well as to their growth ambitions. When doing so, we apply a research-based method to help organisations:
- Develop a clear risk management strategy and consistent ‘tone at the top’
- Ensure a unified approach to integrating risk in decision-making processes.
- Implement effective escalation processes and unified reporting.
- Consistent enforcement of breaches and incentives for appropriate behaviour.
- Recruiting talent compatible with each organisation’s prevailing risk culture.
Building a proactive risk culture
At Grant Thornton we advise mid-size businesses to invest in building an organisational culture fit not only for today’s business imperatives, but for tomorrow’s growth.
Organisations which make risk management a core part of their culture are not risk-adverse. They are risk-informed. Their awareness of potential red flags guides them in making sound decisions, and hedging their investments. From a simple process of shifting business hours to a complex geographical expansion initiative, each business decision should rely on a balanced view of opportunity and risk.
Risk management in practice
Smart organisations find the upside of risk, and manage it carefully. In practice, risk management relies on the right people equipped with adequate technology and following well-defined processes. To reach optimal results from their risk management strategy, mid-size businesses should opt for an integrated risk management platform which allows them to rank and monitor strategic and operational risks, schedule risk mitigation activities and report on improvements.
Grant Thornton advisors work with a broad diversity of systems available for risk and insurance management.
Enhancing organisational resilience
The combination of risk aware people, streamlined processes and smart technology is the basis for proactive risk cultures. Timely and accurate reporting adds to this by ensuring that mitigation measures are monitored, and that an organisation adapts its risk management strategy based on its changing profile and growth targets. It is important, when creating an organisational risk framework and selecting the supporting technology, to underline reporting processes and capabilities.
An annual review by external auditors might guarantee temporary peace of mind, yet it is organisational resilience that ensures long-term growth.
Partner & National Head of Business Risk ServicesContact George