According to Mr. Adedipupo Osinloye, a South African based life-coach and Risk Management expert, most businesses with poor Risk Management systems eventually fail. However, an effective way of managing risk across businesses relies on taking a joined-up approach. Risk management should be integral to the way teams in organisations work.
He noted that the more businesses succeed, the better the economy of a country, and the African continent as a whole. He listed criteria that can help business leaders manage their approach to risk and be more effective and successful. He said business leaders must look at all risk – Risk Management processes must be enterprise wide, be prioritized and aggregated. He also mentioned that leaders must consider interactivity and the process must lead to decision-making. Risk Management has perhaps never been more important than it is now. The risks modern organizations face have grown more complex, fueled by the rapid pace of globalization. New risks are constantly emerging, often related to and generated by the now-pervasive use of digital technology. Climate change has been dubbed a “threat multiplier” Mr. Osinloye noted.
Mr. Osinloye also mentioned that a Risk Management plan describes how an organization will manage risk. It lays out elements such as the organization’s risk approach, roles and responsibilities of the risk management teams, resources it will use to manage risk, policies, and procedures. Adedipupo continues to empower business leaders and trainers across Africa on effective systems and processes for Risk Management for businesses and governments.
Adedipupo Osinloye, stated that Risk Management is key for business success. According to him, businesses rise, and fall depending on their ability to assess their risk and manage them accordingly. He stated that Risk Management is often seen as something that project managers are involved with.