This is part 3 of our video series on "Difficulties in Engaging Staff in Risk Management". This video covers how you can use a personal experience, like going for an annual health check up, to engage your staff and explain the Risk and Control Self Assessment process.

Video 03 -RCSA

 

Video Transcription:

Hi, I'm David Tattam, Director of Research and Training at the Protecht Group.

One of the common issues we find in risk management is the difficulty in engaging our staff in risk management, and that's critically important because they are the ones that are supposed to be doing it. One of the ways that we can help overcome that lack of engagement is to make risk management real for them. One of the ways of doing that is to talk about tisk management in their personal lives, so it's relatable.

Today, we're going to talk about risk management in your personal life. Step number one, which is talking about your health risk. Now, one of the key things in managing your health risk is to go for a doctors check-up or health check maybe once a year. Let's talk about that process because this process in business is what we call risk control self-assessment.

So, let's go through that process.

Step number one is to identify your life objectives of why you're going to the doctor. I'd like to think it's to live a long and happy pain free healthy life.

Number two is to identify what critical functions in our body need to be working well in order to achieve that objective. Now, I'm no medical person, but I'm going to guess vital organs, our heart, our liver, our skin, skeleton, blood, and so on.

Step number three is to say what risks exist that could stop one or more of those critical functions, heart and so on, from working effectively? Now, one of them may be heart disease caused by cholesterol as an example, and we would have identification of cholesterol risk.

Number four is what is the level of that risk? We would do a risk assessment, and let's assume that that level of that risk is high. We then assess that and then say, are we happy with that, and for that we use the risk appetite. We'll assume it's outside of risk appetite.

This then leads us to a conclusion that we have an issue, and that issue is obviously excessive cholesterol.

Finally, we are there to remediate, which is actions. What actions are we required to put in place so that we manage that risk better going forward?

Those seven steps we went through applied to your health risk in your personal life are exactly the same seven steps that we would apply in a business context. The only difference is we would start with the business objectives and flow it through that way.

Please check out our other videos and blogs on making Risk Management in your personal life and business life more relatable. So, see you later and until next time, take care.

Next steps

See how you can take your risk assessment process further by learning more about the different levels of risk and how you can leverage each one to get the most value out of your framework. Click below to register to our live webinar:

Recording of Webinar on Inherent, Residual and Targeted Risk

ASIC Report Whitepaper: A Regulatory Spotlight on Non-Financial Risk
Whitepaper

A Regulatory Spotlight on Non-Financial Risk

Download Now

Related Articles

feature image
Risk Management Framework Internal Auditors Risk Professionals Compliance Professionals Health & Safety Managers Protecht.ERM

Take a new look at risk with Protecht.ERM 9.0

The release of version 9.0 sees a brand new layout, making it easier for you to use and navigate Protecht.ERM like never before. And with our new...
Read more
feature image
Key Risk Indicators Risk Management Framework

Some features of the Protecht.ERM 8.4 release.

In this short video, Peter Walker, Chief Technology Officer at Protecht, gives a quick overview of  some of the new features that the development...
Read more
feature image
ERM Risk Assessment Risk Management Software Videos Risk Management Framework Webinars

Protecht.ERM System Demo APAC -Recording

Enterprise Risk Management = Integrated Risk Management in Protecht.ERM This event was done live on 10 September 2019. Access the recording here. In...
Read more