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Implementing an effective risk management strategy based upon knowledge

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streamlining diagnosis, mitigation and monitoring. embedding common risk management procedures ... creating and maintaining one central, up to date risk ... – PowerPoint PPT presentation

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Title: Implementing an effective risk management strategy based upon knowledge


1
Implementing an effective risk
management strategy based upon knowledge
  • Peter Scott

2
What is Risk?
  • Chance of bad consequences

The concise Oxford Dictionary
3
What is Knowledge?
  • The sum of what is known
  • The concise Oxford Dictionary

4
An integrated strategy
5
Law Firm Risks
Management
6
Risk/KM
  • Risks are inter-related
  • Failure to manage knowledge involves widespread
    risk
  • KM is an essential part of an integrated risk
    management strategy

7
Example Reputational Risk
  • Operational
  • People
  • Regulatory
  • IT Competition Business Markets
  • Economic, Political Fiscal
  • Financial
  • Assets
  • Interaction with Knowledge/KM?

8
Law Firm Risks
Management
9
Management Risks
  • Is your management in control of its knowledge
    and managing your risk?

10
Your Risks?
  • Where does the knowledge relating to your risks
    reside?
  • Can you access it?
  • Can you capture it?
  • Can you maintain and upgrade it?

11
Implementing a Risk Strategy
12
Risk Identification Involves
  • Being management driven
  • Brainstorming
  • Facilitated discussions
  • Questionnaires
  • Top down/bottom up

13
Risk Diagnosis
14
Risk Assessment
  • Incidence - probability
  • Impact - severity

15
Risk Mapping
16
Risk Mitigation
  • Designed to
  • Reduce
  • Avoid
  • Accept
  • Transfer

17
Risk mitigation
18
Monitoring involves
  • Tracking and reporting
  • Comparing actual outturns to preset indicators
  • Confirming effectiveness of risk responses
  • Reporting compliance and exceptions

19
Risk monitoring
20
Limitation involves
  • Risk crystalisation scenarios
  • Contingency plans
  • Limitation procedures
  • Post event assessment

21
Use of IT
  • Use an integrated risk management system to
    quantify, assess and control risk by
  • streamlining diagnosis, mitigation and monitoring
  • embedding common risk management procedures
  • providing information access to all who need it
  • creating and maintaining one central, up to date
    risk database

22
Example Risk Summary an overview of risks
23
Example Detailed Risks
24
Example - Controls
25
Example - Questionnaires
26
Example Final Evaluation
27
Advantages of a formal risk management process?
  • Structured approach focuses on key risks
  • Elimination of redundant procedures
  • Comfort / assurance to PI insurers
  • Universal application to all risk areas
  • Continuous monitoring ensures management of risk
    is lived day to day

28
Risk/KM
29
Implementing a Risk Strategy
30
  • Any questions?
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