Managing Business Risk: A Practical Guide to Protecting Your Business

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Filled with expert advice from leading contributors across the industry, Managing Business Risk is the essential guide to identifying potential areas of risk within your business.

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Part One Boardroom risk concerns and strategies

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1.1

Beyond resilience: turning volatility and uncertainty into business opportunity

BEN CATTANEO, ACCENTURE FINANCE & RISK SERVICES

Organizations around the world have been compelled to operate in an environment of increasing volatility, uncertainty, complexity and ambiguity; hence the coining of the acronym, VUCA. Companies face the risk of sudden, severe events as evidenced by recent incidents in Ukraine, concerns over the eurozone and market wobbles stemming from a slow down of the Chinese economy. Sudden and unexpected events in remote locations can affect, and have already affected, company operations and supply chains.

This vulnerability extends to natural disasters. The eruption of the Eyjafjallajkull volcano in Iceland in 2010 affected air travel for weeks, sending some travellers on round-the-world routes simply to return home. Superstorm Sandy, which hit the north-eastern United States in October 2012, caused an estimated $3050 billion in property damage and effectively shut down most of lower Manhattan.1 And in 2013, natural disasters in China cost the country $68 billion, nearly double the total from the previous year.2

 

Part Two Managing information and online risk

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2.1

Managing business opportunities and information risks

MARTIN SUTHERLAND, BAE SYSTEMS APPLIED INTELLIGENCE

Introduction

So what does cyber or the digital age mean to you? Its likely to depend on who you are, where you sit in the enterprise and what you are responsible for. For boards and senior executives the digital age is often seen from two polarized positions: from the incredible range of new opportunities it offers to improve efficiency and open new channels to customers, or alternatively as a recognized threat that is not properly understood. This thinking is exacerbated by the frantic pace of technological innovation and its adoption, often by the business rather than IT, which is making just keeping up difficult.

This chapter is intended to demystify some of the opportunities cyber and the digital age offer. And it suggests how enterprises can better exploit these in a secure manner. We illustrate different challenging scenarios that BAE Systems Applied Intelligence has worked on with different customers. These demonstrate how cyber security can be exploited as an enabler rather than a blocker to the successful pursuit of business opportunities.

 

Part Three Operational risk and key employment issues

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3.1

Getting food safety assessment right

COR GROENVELD, LRQA

Harmonized standards, expert auditors and a consistent assessment methodology are working together to change the way food companies are managing risks.

Introduction

Contrary to the impression with which high-profile media coverage of food safety issues leaves us, the food that consumers eat today is at one of its safest points in its history. That is an incredible fact, when one takes into account the complexities in what is truly a global food supply chain, with raw materials being grown on one continent, processed on another, packaged on yet another and then shipped and sold all over the world. The ability of large multinational food organizations to successfully manage the globalization of the food supply chain while minimizing the risks can largely be traced back to two key developments: firstly, the harmonization of global food safety standards and schemes, which has been driven by global retailers, manufacturers and their suppliers; and secondly, improvements in assessment methodologies and auditor competencies and calibration.

 

Part Four Managing risk in emerging markets

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4.1

Environmental risk in emerging markets

GAVIN OTOOLE

Introduction

In 2011, a court in Ecuador fined the US oil major Chevron a breathtaking $19 billion for environmental damage caused in the countrys Amazon region since the 1960s by Texaco, which merged with Chevron in 2001. Environmental and indigenous organizations that had been campaigning against the corporation for 17 years applauded the decision later reduced to $9 billion in a case that indicated how assertive countries and political groups in Latin America and the Caribbean are becoming in pressing environmental claims against large companies.

The decision was the latest twist in a tortuous legal saga between Chevron and 30,000 Ecuadoreans that had its origins way back in 1967 when Texaco first struck oil in the country. Chevron fought the claim vigorously, for 10 years bogging it down in lawsuits in the United States itself, but by 2011 had exhausted the patience of the US court system. The corporation duly denounced the Ecuadorean rulings as illegitimate and politicized, fanning the flames of Latin American hostility towards it. And the most important environmental case of the 21st century continued, with Chevron returning to the US courts after turning on the lawyers that have fought Ecuadors corner.

 

Appendix

ePub

APPENDIX

Contributors contact list

Accenture Risk Management

1 Plantation Place

30 Fenchurch Street

London EC3M 3BD

Tel: +44 (0) 20 7844 4000

Contact: Laura Bishop

Tel: +44 (0) 20 7844 4650

E-mail: laura.n.bishop@accenture.com

BAE Systems Detica

110 Southwark Street

London SE1 0SU

Tel: +44 (0) 207 812 4000

Contact: Nick Wilding

E-mail: nick.wilding@baesystemsdetica.com

Baker & McKenzie LLP

Toronto

Brookfield Place

Bay/Wellington Tower

181 Bay Street, Suite 2100

Toronto, Ontario M5J 2T3

Canada

Tel: 001 (0) 416 865 6954

Contact: Theo Ling

E-mail: Theodore.Ling@bakermckenzie.com

London

100 New Bridge Street

London EC4V 6JA

Tel: +44 (0) 20 7919 1541

Contact: Ben Allgrove

E-mail: Ben.Allgrove@bakermckenzie.com

Burges Salmon LLP

One Glass Wharf

Bristol BS2 0ZX

Tel: +44 (0) 117 939 2000

Contact: Chris Jackson, Ian Tucker

E-mail: chris.jackson@burges.salmon.com; ian.tucker@burges.salmon.com

Dentons UKMEA LLP

One Fleet Place

London EC4M 7WS

Tel: +44 (0) 20 7246 7544

Contact: James Borshell

E-mail: james.borshell@dentons.com

Enquirisk

Rated Analysis (Enquirisk) Ltd

 

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