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 [1], 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.
- Security/safety risks - including attacks related to terror, criminals and attacks on countries and organisations from other nations.
References
The Risk-driven Business Model: Four Questions that Will Define Your Company, by Professor Serguei Netessine and Professor Karan Girotra
Risk Transformation includes: - analysis - development of possible solutions - Decisions - Implementation - control, update, continuous improvements