Organisations are spending significant percentage of their financial budgets on managing their exposure to different types of risks such as cyber, conduct, fraud and process disruption. Management of risk requires investment in diverse topics such as people, controls, technology, training, monitoring and audits. However, very few organisations have taken the time and effort to quantify their investments towards management of risks and analyze this for specific risk categories (e.g. how much are we spending annually to manage the financial crime related risks?).
In this webinar, Gary Bierc shared his experience in quantifying the cost of managing risks. He holds a patent on a methodology focused on this topic. Gary covered following topics in this webinar: –
- Benefits of calculating cost of managing risks.
- Mapping financial costs to various aspects of risks (e.g. controls, incidents).
- Measuring the changes in business performance (e.g. revenue/profits) by analyzing changes in the level of investment on various aspects of risks.
- Case studies on benefits of calculating and monitoring cost of managing risks.
Gary Bierc has over 30 years of experience covering strategy, risk, financial and performance management. He is the Founder and CEO of rPM3 Solutions and Inventor of the Company’s patented ARQ™ Risk Performance Measurement. In his previous role as Director, Global Risk Management for Moore Corporation Limited, he was appointed by the CEO as “champion” of Moore’s ERM initiative. Under Gary’s leadership, Moore’s most unpredictable business unit converted a $15 million operating loss into a $15 million operating profit in less than 12 months.
This session was hosted by Manoj Kulwal who is the Chief Risk Officer at RiskSpotlight and Director for Marketing at the IOR. He has 18 years of professional experience covering operational risk management, enterprise risk management, strategic performance management and business intelligence.