New approach coming
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Tuesday, 9 November, 1999 - 21:00
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.
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.