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The Dimensions of Risk - December 1999 : Risk Management – the year in review

By Michael Vincent

28 December, 2006

Another year has come and nearly gone.  The holiday season is upon us and it is a time to reflect on the achievements and disappointments of the last year.

Risk management is increasingly becoming flavour of the month; it is now used more and more frequently in the financial press.  Its amusing to look at the last article of last year I think I said the same thing then, maybe one of these years I will be right.

As risk managers you are now faced with choices, basically they are to:

a. Remain an a functional position within a firm with the duties dictated by the whims of the management team or,

b. Take up the challenge that is on offer and make the function a profession.

You have to be involved by way of support, by way of lobbying and by way of demonstrating that you are a professional in all things that you do.  We have to define the profession and give a focus to the attainment of formal qualifications.  Increasingly the tertiary sector is focusing on the opportunities that are emerging to give impetus to the change process.

But it will not succeed without the industry and the practitioners become increasingly demanding and vocal.

This year we have again looks at various aspects of risk and the formal definition of risk as a discipline, the articles are:

March - The local government sector and risk

The application of risk principles in the local government sector, a different view of existing principles.

April - Work place mentors

Recognising that older members of the work force have a contribution to make to the future.

May - Risk management - an educational perspective

Discussing the issues of risk management and the educational needs for the future.

June - Risk management - an educational perspective - part two

July - Common fraud indicators - a checklist approach to the risk management issues

Using checklists in the identification of workplace fraud.

August - Why risk management

The fundamental question to be answered by risk management professionals.

September - Project management - a risk management tool Using an old tool for tactical advantage.

October - Holistic risk management

Risk management as a strategic tool.

November - The future of risk management - success or oblivion

The choice is with the practitioners.

If you were to review the articles in executive briefing for 1997/8 and compare them to this year's articles you would note a change in emphasis from the identification of risk issues to the defining of risk and its place in the business world of today.

This is a necessary step in the ongoing change of risk management from a function to a profession.  However next year I plan to share with you more perspectives of risk from a professional practitioner's viewpoint.

I wish you and your families a very happy and safe Christmas and a New Year free of the millennium bug.   In the New Year I hope to join you again and share new and differing perspectives of risk management.

About the Authors

Department of Accounting and Finance

Faculty of Business and Economics