The first step in implementing effective risk management (fraud risk and cybersecurity risk) program is context analysis to establish the current state against the best practice or aspiration levels. Which level is our organisation’s risk maturity? What gaps should our risk management agenda close? What will it take to close the gaps? How ready is our organisation for fraud and cyber risk management? Is your risk management agenda progressive? Many risk and anti-fraud professionals just recommend the implementation of fraud risk management programs without readiness assessment and an understanding of the current state. In this TUNA – turbulent, uncertain, novel,…
The future belongs to actionTEAM, the tool for effective collaborators
When people and devices are connected seamlessly, they achieve great things. People who work as lone wolves may achieve success, but it may not be to their full potential. There is power in collaboration. That is why at Summit Consulting Ltd we asked: 1) How do you create accountability for effective strategy execution? 2) As a busy executive, how do you monitor progress against the set (balanced) scorecard targets company-wide? 3) How do you empower each of your over 50+ staff to have clarity of their roles in the journey of business growth? How do you improve staff effectiveness and…
Be prepared for uncertainties, implement actionTEAM GRC software
Do not get ready. Stay ready. Automate your risk management, strategy execution, and performance management system to gain a distinctive advantage. actionTEAM is a Governance, Risk, and Compliance software that gives you the skills to quickly identify, prioritize, and manage top business risks proactively affecting your business. Whether you are a seasoned risk expert or a novice, our risk software will transform your risk management processes to win. The software contains three modules to transform your risk management processes for governance effectiveness in the areas of strategy execution, risk management, and compliance management. The system comes with two tools: Tool…
Some insights on risk-taking
Life is about risk-taking. For there is no such thing as risk-free. When you do not do something, you carry some risk. When you do something, you carry risk too depending on the decision at hand. The best decision is therefore to do something and increase your odds of success. There are four strategies of risk management – transfer, treat, terminate, or tolerate. All these aim at optimizing opportunities and minimizing losses. Every day, we must make choices. You want to maximize value and reduce losses. Do you stand for a political office, yes or no? First, what is the…
Crown Beverages Ltd setting the bar in corporate governance
KAMPALA, 31st July 2019: In furtherance of one of its key corporate values, integrity, and good corporate governance, Crown Beverages Ltd conducted a full-day refresher course for the Top Management Team (TMT) on Enterprise-wide Risk Management (ERM), and Business Continuity Planning and Disaster Recovery (BCP/DR)training in accordance with International Organisation for Standardisation (ISO) 31000:2018 and ISO 22301, respectively. Speaking at the opening of the training, Mr. Paddy Muramiirah, CBL Chief Executive Officer (CEO) said that “We are a beverages company. Our products already undergo extensive quality control mechanisms as part of our risk management. However, as a learning organization, we…
The board’s role in oversight of risks
The board is responsible for oversight. This includes risk management and compliance. Regardless of the type of the company, failure to comply with the laws and regulations of the land presents serious risks to the business. The board executes their role by effective application of the ‘tools of the board.’ The first tool of the board is a risk policy. The board’s risk policy provides for the formulation of the enterprise risk framework or strategy which also articulates the risk appetite and the risk management process, including providing for risk register. In Uganda, MTN spent the bigger part of March…