INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management.

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Presentation transcript:

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Dr Lionel Boxer CD Centre for Management Quality Research Royal Melbourne Institute of Technology

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Challenge of managing risk in a rapid growth small and medium enterprise (RG-SME).

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Risk is the possibility of something happening that impacts on your objectives. AS/NZ4360: 2004

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Background to this paper: risk management since 80s literature review SME observation anecdotal reflection

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Risks Taking by a RGSME: Avoid Financial Risk Accept Strategic Risk Accept Operational Risk Avoid Social Risk Limit of Aggregate Risks

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Case for Risk Management Shell be Right Mate PPPPPPPPPPPP Continuum

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Ph II UnderstandPh I Prepare Establish context Objectives Stakeholders Criteria Key elements Identify risks & opportunities How will lit manifest? What happens if it does? Why? Analyse risks & opportunities Review controls Likelihoods Consequences Significance Evaluate Evaluate risks & opportunities Rank risks / opportunities Screen out minor issues Monitor and review Consult & communicate Ph III Treat Treat risks / exploit opportunities Identify options Select best Develop plans Implement

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Ph I Prepare: Define the context in which risks will be managed. That is, what activities go on in the RG-SME in which risk is being managed.

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Ph II Understand: Understanding risks involves three distinct steps: identification, analysis and evaluation.

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Ph III Treatment: Determine appropriate treatment by: preventing situations from occurring correcting situations that have occurred

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Ph II UnderstandPh I Prepare Establish context Objectives Stakeholders Criteria Key elements Identify risks & opportunities How will lit manifest? What happens if it does? Why? Analyse risks & opportunities Review controls Likelihoods Consequences Significance Evaluate Evaluate risks & opportunities Rank risks / opportunities Screen out minor issues Monitor and review Consult & communicate Ph III Treat Treat risks / exploit opportunities Identify options Select best Develop plans Implement Establish Context Continuously Communicate / consultant Review / monitor Identify Risks Analyse Risks Treat Risks Ph II - Understand Ph I - Prepare Ph III - Treat Evaluate & Assess Current Controls

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Continuum between superior planning and poor planning along which any enterprise sits. Complexities inherent in managing the operation of a RG-SME require superior planning. With a clear risk management framework, communication about risk becomes more natural and the true nature of risks becomes clearer. With managed risk, boosted confidence enables entrepreneurs engaging in RG-SME to be more likely to entertain a broader range and quantity of risks. Summary

INTERGON Appropriate Risk Behaviour for Rapid Growth Entrepreneurs Dr Lionel Boxer CD June 2006 intergon.net Centre for Management Quality Research Royal Melbourne Institute of Technology Dr Lionel Boxer CD Centre for Management Quality Research Royal Melbourne Institute of Technology