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Listening Week-11 [Risk Managment]

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RISK MANAGEMENT 

We can see that risk management has 1…………… to be taken a lot more seriously by big companies. 2……………… still a long way to go but things are happening. Experts tell us that a holistic 3………………. to risk management is the most effective. Why? Because only by looking at the 4………………. picture can we assess every possible aspect. Risk management is 5………………... Remember the spider’s web analogy?

As well as looking at the web as a whole – it’s 6……………….. to look at the strands – at each strand individually and at how they 7…………………. To remind you of the three main risk types let’s have a look at this 8………………….. – [sounds of an OHP or something?] ok, we’ve got 9………………. failure – wars, terrorism, etcetera. Then we’ve got strategic failure – that’s what happens when the company’s business strategy 10…………….. – for example when a marketing strategy hasn’t taken into 11………………. some important detail. And then there’s operational 12……………….. – when a company simply can’t deliver the promised goods. Now let’s 13…………….. and look at just how these strands of the spider’s web are 14……………….. [more clicking sounds of an OHP or similar] This is a diagram of an 15………………. risk scorecard. The scorecard is a circle – divided into four equal sections. Each of the four sections shows a different 16………….. perspective. At the top we have the 17..…………… risk perspective.

At the bottom we have the innovation and 18…………………. risk perspective. On the right is the internal business risk perspective and – last but not least – on the left –the 19……………… risk perspective. Let’s look at each section in a bit more 20……………….. We’ll start with the top – financial risk perspective. This can be broken down to include things like the cost of a company’s 21…………….. The difference between paying 0.5 per cent 22……………….. on a large debt can mean the difference between a company surviving or 23………………...

Another aspect that can be included in a 24…………………. financial risk perspective is tax and – more specifically the difference between the 25……………….. of tax a company expects to pay and the actual amount it pays – obviously if the sum is more than 26………………. then all of the company’s finances have to be readjusted. If the sum is 27………………., then the risk factor is lower and the company’s finances look a lot 28……………….... Let’s move down to the bottom section – innovation and learning risk perspective. This 29……………… things like the percentage of trained employees a company has. Training 30……………. money. But trained employees increase 31………………... All of these issues need to be included in the company’s risk 32………………... Another aspect in this section is the difference between a company’s expected growth and its 33………………… growth. Like the tax question – the size of that difference – and whether the actual growth is more – or less than what was expected – will have 34………………. repercussions.

Over to the right we have the internal 35………………. risk perspective. Here you find things like the percentage of top 36………………. who leave the company. This is difficult to predict – but 37……………….. should play safe and add these things into the equation. If a top business man gets an interesting 28………………. from a competitor, it’s only natural that he – or she – will go over to the other side. Other internal 39…………………. might be unsatisfactory internal audit findings or the price of 40………………. – it’s always worth shopping around for better 41……………….. Finally, on the left – in the customer risk perspective – we’ve got things like the 42……………….. of satisfied customers and – on the other hand – the number of customer 43………………. Or the number of new competitors coming into the market and – 44……………….. linked to this – the percentage of the market that the company loses as a 45………………..

Risk management is certainly a complex issue …..

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