GOLD COAST, Australia, Sept. 18, 2013 /PRNewswire-iReach/ -- Gregory Carroll, founder and technical director of software development company Fast Track, will have a new book on risk management available from Amazon in three to six weeks. "21st Century Enterprise Risk Management" treats the subject not as merely a way to sidestep problems, but rather a way to add value.
Carroll has covered some of the content of the book in series of webinars this month. Tomorrow Carroll presents the final session in the series: "PART 3: THE NEW RULES OF ENTERPRISE RISK MANAGEMENT" Registration is available at http://www.fasttrack365.com/risk-talks/.
Commenting on the series of webinars, StrategicRisk editor Sean Mooney recently posted, "Editor's View: Heads in the sand over ERM?" asking readers what they think about the following:
"The technical director of Australian compliance management software company Fast Track, believes that risk-management capability is not keeping pace with the growing complexity of running large organisations. "Gregory Carroll, who has implemented risk-management systems for the Australian Department of Defence, as well as Motorola, Parsons Brinckerhoff and Serco, says that 'inadequate systems, outdated risk-management practices, and management with their heads in the sand" are some of the issues faced by many multinationals.'"
Risk management has traditionally focused on the downside—the "what if"—of risk, Carroll says. What if I get audited; will my documentation be in order? What if someone gets hurt? Risk has also traditionally been as siloed as many organizations, each functional area requiring its own unique parameters without any interaction. Different areas may even use different software.
"Modern risk management philosophy goes beyond 'staying out of trouble.' It incorporates the upside of risk—the people and process efficiencies that result when a holistic risk management framework is integrated into all aspects of the business and aligned to specific business objectives," Carroll says. "Investing in risk management, as with all other investments, must produce a return."
Introduction to Mastering 21st Century Risk Management explains why many risk management systems are broken and what needs to be done to fix them. It also explains the pitfalls to avoid when deploying an ERM system.
Carroll draws on his 30 years of experience as a business owner serving some of the largest organisations in Australia, both in the government and the private sector. But he also stays on top of current research into the subject. He notes a KPMG study published this year whose name sums up the situation: Expectations of Risk Management Outpacing Capabilities - It's Time For Action.
Done properly, however, risk management can be a powerful tool for innovation, agility and growth. The reason few people harness this power is that they are focusing instead on administrating the process.
Carroll addresses the widespread disillusionment with risk management at the C-Level -- particularly with enterprise risk management. But, Carroll says, "with 40% of software implementation projects classed as having failed and the track record of QMS and ERM to-date, most organisations are behind the 8 ball before they start."
He also explains the secrets to successfully implementing management systems in large organisations and how to achieve cultural change vital for success. Carroll then looks forward at future of risk management in the 21st century, and how it must produce a return of investment.
Mastering 21st century risk management goes beyond keeping your company on good terms with regulators. "Effective enterprise risk management takes a holistic approach to identifying, assessing and mitigating risk throughout the organization and is based on business objectives," Carroll says.
ABOUT FAST TRACK
For 30 years Fast Track (Aust) Pty Ltd has specialised in regulatory compliance and enterprise risk management for medium and large organisations. We deploy enterprise-wide solutions for Quality, Risk, Environmental, OHS, Supplier, and Innovation Management. Visit us at http://www.fasttrack365.com or call +61 7 5591 8977.
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SOURCE Fast Track