Risk transformation
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A growing area of activity within the financial services post 20th century financial crisis.
Definition
Risk Transformation is defined by Sandeep Sander, SanderMap as "mitigate risk and in parallel develop competitive advantages". Change and transformation is key - first to combat risk and secondly to differentiate and create solutions for the benefits of clients/users.
Risk is seen in many aspects; financial risk, security/safety related risks, uncertainty and risk through action or lack of action.
Roles
Risk Transformation is relevant in many areas i.e.;
- regulatory risks, i.e compliance or lack of compliance
- risk related to management and operations
- organisational risk
- project management risk;
- systems implementation; technical support risks
- strategy risk; Risk related to strategy development and execution - and lack of strategy
- Functional risks, i.e within sales/marketing, logistics, production, finance.
Risk Transformation includes:
- analysis
- development of possible solutions
- Decisions
- Implementation
- control, update, continuous improvements