Risk Management for Success

"Organizations succeed only by taking risks intelligently and with good information about what might happen." Expert

"One of the potential gaps between management and internal auditors is a difference in focus. Auditors are typically concerned with risks that might lead to losses and failure, while management is looking at opportunities to grow the business and succeed. Most discussions of risk management are about bad things that might happen. But organizations only succeed by taking risks - as long as they can do so intelligently and with good information about what might happen." Norman stated.

Norman Marks is an author, blogger, and thought leader who now works with organizations worldwide, advising on risk management, internal audit, corporate governance, enterprise performance, and information value. Norman is a globally-recognized thought leader in risk management. He authored nine books and is a regular speaker at conferences. In this session, Norman shared thoughts from his latest book, 'Risk Management for Success,' explaining how internal audit can contribute to organizations making informed and intelligent decisions. 

Norman started his presentation with a Risks and Rewards table to bring home a typical risk management process that helps management make decisions. He dwelled upon how to look for and derive value in Risk Management from a list of risks. Chief Risk Officer CRO) to be effective should be more of a business person, not a technical hand. 

Marks said, "What is needed for successful risk management to arrive at quality decisions are understanding the objective, knowing the problem, predicting what might happen, obtaining reliable information, and weighing risks and rewards to arrive at quality decisions. Have tools to assess risks and opportunities and never lose sight of what is changing."

"The IIA Qatar commenced the new year with a very pertinent knowledge-sharing event. The session provided a great learning opportunity to headstart 2021 for cultivating auditor's ability to be purveyors of insight, which is more valuable than hindsight in a time when risks emerge at warp speed. An enlightening presentation followed by an insightful Q&A session had over 100 members who benefitted immensely from concepts and detailed deliberations," said Sundaresan Rajeswar, Board Member who coordinated the session with Girish Jain, Murtaza, and Murali.