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New approach coming

RISK management techniques will converge in the next couple of years to give an organisation a one-stop picture of its overall risk profile, says Gene Menyhart & Associates director Ian Abrahams.

Mr Abrahams said, while insurable risk and business continuity planning was a long practiced risk management technique, there had been a drive more recently towards implementing Controls Self Assessment “as a means to bring risk ownership where it belongs, at the coal face”.

“CSA is proving to be an effective management tool, particularly where the organisation is exposed to regulatory risk and the Board could be held liable,” he said.

“There is an inevitable trend towards more self-certification and compliance to legal as well as industry standards.”

Mr Abrahams, who is also a director of CorProfit Systems, said its KnowRisk software package was being used by many Australian companies as a generic application.

The product allows the end user to configure the software to meet the organisation’s adopted risk management practices.

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