Why upgrade to enterprise risk management?

The Global Financial Crisis taught us the importance of robust risk management practices in identifying and addressing issues that have the potential to impact on overall business objectives. Many organisations have implemented risk management programs, however a significant proportion of these have yet to realise the benefits of upgrading their programs to best-practice Enterprise Risk Management.

What’s the problem with traditional risk management programs?

Historically, risk management has tended to focus only on the negative – how do we identify what might go wrong? How bad will things get if it does? How can we stop it?

Another feature of old-fashioned risk management has been the tendency for it to be “siloed”, with each section of an organisation having its own approach to managing risk.

Modern, best practice Enterprise Risk Management has moved contemporary risk management programs and thinking beyond these limitations.

Why is Enterprise Risk Management better?

Enterprise Risk Management (also known as ERM) has a range of benefits for contemporary businesses:

  • ERM achieves efficiencies across the whole of the organisation by integrating a common approach throughout all functional areas.
  • ERM avoids the pitfall of concentrating on minor risks (such as slip hazards) at the expense of big picture risks (such as failure of critical infrastructure).
  • ERM captures the positive side of risk management, by also considering opportunities for new services, process efficiencies, improved methods of service delivery etc.

What strategies assist adoption of Enterprise Risk Management?

 

QRMC frequently assists organisations to develop or expand their risk management programs to embrace Enterprise Risk Management. Our experience suggests that useful strategies to successfully move to Enterprise Risk Management include:

  • Strong committed, visible leadership.
  • Recognising that risk management is an ongoing (not once-off) process.
  • Treating risk management as a tool to achieve business objectives, not as a compliance exercise.
  • Extensive consultation with, and training of, personnel (at all levels).
  • Consistently integrating ERM across all systems and functional areas within the organisation.

Special considerations for business or department amalgamation

 

A regular feature of contemporary business is the process of amalgamation, either of existing segments of an organisation, or of one business with a completely independent second business (M&A).

Determining the business objectives of a new organisation formed in this way is not always a straightforward exercise. The clarity provided by the risk management process greatly assists this determination.

However, amalgamation poses particular difficulties when it comes to the risk management program:

  1. There are often difficulties involved in assimilating risk-related information from different sources, produced using different methods.
  2. Amalgamation poses the threat of extending the commonly experienced problem of risk management “silos” (as mentioned above) even further by creating silos based on the original business or department entities.

On the positive side, these difficulties present an opportunity to reach solutions by upgrading existing risk management systems to Enterprise Risk Management. Moving the new entity to Enterprise Risk Management provides opportunities to:

  1. Clearly identify the objectives of the new entity, and what risks and opportunities exist in achieving these objectives.
  2. Break down barriers and foster a new organisation-wide approach to risk management and the determination of uniform risk appetite.

Next steps

 

Risk management as a discipline has proven its value over time. Now businesses can extend this value even further by upgrading to Enterprise Risk Management.

For more information on Enterprise Risk Management, safety management, business continuity management and management systems, contact us. We are experts in providing independent and objective facilitation of the process of upgrading or developing new Enterprise Risk Management programs. You can also access other informative articles on our News page dealing with Enterprise Risk Management, as well as newsletters downloadable from our Publications page covering Enterprise Risk Management issues.

The Typical Queenslander Style Home

When you think of a typical Queenslander, apart from the massive stilts and open-plan design, one of the most recognisable qualities is the corrugated iron roof.

Since the 1840s when Australia was first developing, corrugated iron has been considered one of the best materials to use for roofing. Because of it’s lightweight, sturdy properties, it is the ideal material to use in terms of easy transportation and construction as well as protection.

Although it is a relatively strong, fire proof and weather-resistant material, if exposed to water (particularly salt) rusting is inevitable. This is why it is extremely important to coat the steel in a layer of paint in order for it to remain protected.

Even today this roofing remains to be one of the most popular choices in materials for a range of reasons. Its flexibility, strength and thin sizing allows for quick repairs, relatively cheap installation and durability with little maintenance.

Apart from the practical side of things, there is also the aesthetics. The typically 3 inch curves rolling into one another create a very symmetrical feel, breaking up the angles of the rest of the house and creating a harmonious contrast.

Since iron is quite a durable material itself, compared to wood it is very easy to prepare for installation. Instead of needing to purchase an expensive sealant, a few layers of paint will generally be enough to prevent any damage.

One aspect of corrugated iron that can pose a genuine issue is the fact that the wavelengths of most sounds are echoed loudly into the tube of the corrugated iron. This means that any noise close to or coming into contact with the roof is going to release a high pitched “ping”. This can be a genuine issue for Queenslanders as falling tree branches and wildlife are a part of our every day lives.

On the other hand, the echo can be the perfect culprit to amplify raindrops into a soothing lullaby and because of the shape of the typically 3 inch tubing and smoothness of the iron, the water runs straight down and off the roof, making cleaning very manageable. Also because it is a very thin material it allows the house to stay cool in the warm summers, making it the ideal choice for a house in Queensland. For roof restoration Brisbane, contact Retro Roof Restoration.

The iron sheets themselves are relatively cheap and can be purchased with a coat of Colorbond or made galvanised to order. They range from around 5 to 45 dollars per sheet depending on the size of the sheet and what coating you have selected.

Compared with other common roofing materials such as clay, slate, concrete, wood, Spanish and asphalt, corrugated iron is often said to be one of the most durable and certainly one of the most cost-effective.

So whether it’s the classic sound of rain on the tin roof, or the practical desires of someone looking for a sturdy home, or anyone who doesn’t want to waste their precious pennies, it is no surprise that corrugated iron is one of the most popular choices in Queensland.

Can I really save fuel with a Truck Wheel Alignment?

Most heavy vehicle owners in the transport industry are asking themselves – How can I save money on my running costs? How can I save on fuel consumption? Will a truck wheel alignment help?

Research & studies conducted around the world show that around 80 percent of medium to heavy vehicles are incorrectly aligned, or have a mis-alignment. If your truck, trailer or bus has incorrectly aligned wheels & axles, you have what we call increased rolling resistance when travelling on the road. This means the engine is working harder than required to push the truck along the road, and the end result is an increase in fuel consumption. Given that fuel can account for up to 50% of the operating costs of a truck or fleet, smart operators must explore all avenues to reduce fuel consumption.
Generally speaking, correcting even slight alignment issues have been shown to result in a saving of 3 – 10 percent on fuel.

3% doesn’t sound too significant does it? Lets take a closer look – One truck runs Brisbane to Sydney (return) 3 times a week (6,000 kms). That’s 312,000 kms a year. Fuel consumption average is 1.85 litres/km. That’s 577,200 litres, current local prices are around $1.49 per litre. Fuel cost for the year – $860,028.00. If you reduced fuel consumption by 3%, you would save $25,800.84!!
Your scenario may be different, but you can see that small changes can make a big difference to the bottom line of your business. There are other areas where you can save on running costs, which will be covered in another article.

If you own one truck or one hundred, and you are not having a regular truck wheel alignment performed as part of your maintenance schedule, you really need to contact your local truck wheel alignment specialist for a chat.

Truckologist is a mobile truck wheel alignment business based in Brisbane, Australia.

What to Consider When Hiring the Finest Children’s Magician Brisbane Residents Trust

Whether you’re planning to host your child’s pajama party, birthday party, or any other kiddie event, hiring a magician who can provide entertainment for everyone is a brilliant choice. Kids love magic shows, and you can guarantee their excitement and participation by inviting a professional children’s magician Brisbane residents rely on. You may even find yourself laughing along as you watch amazing tricks that these talented entertainers perform on your party.

Important Things to Consider Before Hiring a Party Magician

Initially, you need to know your guests and their age group. It’s important that you inform the magician about the kind of audience and number of guests who are attending the event. This way, he can choose the right material to use that will suit the crowd’s interests. For instance, younger kids may find card tricks uninteresting while older kids are likely to be mesmerized with this kind of performance in a magic show.

You should discuss with the magician how you want him to interact with the audience. There are entertainers who prefer to sit at one corner of the room where kids can come and huddle around as they watch magic tricks up close. However, some magicians like to walk around from one section of the room to another and interact with everyone at the party. Depending on your preferences and requirements, you can count on the entertainer to do exactly what you want him to do. So, make everything clear during your meeting to ensure your guests’ satisfaction and delight while watching the magic show.

Specify particular tricks that you want the magician to do. Do you want him to use live animals or real people during the show, or would you prefer card tricks for a slightly older age group as your audience? Just make sure you ask the magician first about his expertise and decide if his tricks are something that your guests may want to see.

A Few Other Things to Think About

Even experienced magicians must be informed about important aspects of the event before they can quote you a fee for their service. A magic show for a bunch of 7-year olds in your yard is far from a 2-hour show presented in front of 200 or more guests. You need to provide sufficient information before requesting a quote from him.

Just keep an open mind and listen attentively to the magician’s recommendations and determine if these suggestions are suitable for your party theme. The idea is to have an open communication with the professional and settle everything before you start hiring him. By doing so, there are no unpleasant surprises that may come along on the day of the party.

Choosing the best party magician for a kids’ party may be tricky, but as long as you’re certain about the person you have in mind, you can’t possibly go wrong. For a fun-filled kiddie party in Brisbane, you may want to consider hiring Johnny the Jester, one of the city’s finest magicians and performers. His versatility and ingenuity will blow you away, and you can expect your guests to feel the same way about his spectacular performances.

How to stop the flood of election junk mail?

Wherever you live in the world, whether it is a Local Council, State, Presidential or Federal election, your mailbox will groan with the weight of materials aimed at getting your vote. It may be the digital era, but it seems that a letter in your letterbox is still considered the most efficient way of getting a message across.

While an informed electorate is crucial to the democratic process, there appears to be a glut of over-sending of junk mail for political purposes – and no clear way on how to stop this. What’s worse, the content of most of the political flyers is simply mudslinging about their opponents with no intellectual substance. Is anyone else reminded of children in the playground?

How can you help stop this unnecessary waste of resources? Imagine the strain on our environment and the large volume of greenhouse gases generated from all the trees cut down, electricity and transport of the materials. Grab a cup of tea or your water bottle and let’s get down to it.

We know in Australia that material deemed to be political, educational, religious and charitable is exempt from “No Junk Mail” signed letterboxes according to standards conducted by the Australian Catalogue Association. So there is no way to stop it being deposited in your letterbox along with the other junk mail catalogues enticing you to buy all sorts of stuff you don’t really need. It is probably the same in other countries.

Step 1. Incorrectly addressed political mail
Much of your mail may be addressed to former occupants of the house. You need to “return this to sender” with the note “no longer at this address”.

Step 2. Contact each political party or politician that is mailing you
There is no central database so you will need to call the office of each individual sender and ask to be removed from their mailing list. Remember to be polite! You catch more bees with honey than vinegar.

Step 3. National Standard to stop political junk mail
Write a letter to the Electoral Commission asking them to implement a National Standard to limit the number of pieces each political party is allowed to put in each household’s letterbox.

Step 4. Polling day
Don’t forget to recycle any materials you are given on the day – often the Greens Party has a box at the booths for such materials on polling day!

Written by Tracey Bailey, Director of Biome Eco Stores in Brisbane, specialists in water bottles and eco friendly, reusable choices for your home, body and lifestyle.