Risk and Reward
Risk exists for all businesses and how it is managed should be part of every organisation's strategy. For accountants, managing risk is an integral part of their everyday lives. They can provide the business with the right financial information so that the right decisions can be taken. How well they manage risk is dependent on the behaviours and techniques that they use and that are accepted within their organisations. The wrong behaviours can lead to the organisational failures that we’ve witnessed in recent years. ACCA’s latest research gives a unique insight into the contribution that accountants can make in managing risk and how that contributes to the success of their organisation.
Risk management tool
By completing this online diagnostic tool you can measure how effectively your organisation manages risk in comparison to others. You’ll be able to take away practical techniques that you can apply within your organisation and share ideas on best practice with your peers.
Rules for risk management: culture, behaviour and the role of accountants
This report is based on a survey of ACCA members and clarifies what integrated risk management looks like in practice. The results show that a lot is being done already but accountants think their organisations should involve them more. In particular respondents:
- attribute organisational failure to poor decisions driven by bias and self interest
- recognise these behaviours are common in their own organisations
- believe that accountants’ should encourage honesty, objectivity and advocacy over evidence in decision making
- think that accountants should provide a range of possible outcomes following a course of action rather than to just detail the most likely outcome.
The full survey results can be found within the related documents section at the bottom of this page.
An interview with Matthew Leitch
As author of the report, Matthew provides his view on the findings of the survey and how this impacts risk management.
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The Economist - The long view: getting new perspective on strategic risk
How can business leaders address immediate challenges and also focus on longer-term risks and opportunities?
This report by the Economist Intelligence Unit, and sponsored by ACCA, is based on a global survey of senior executives and interviews with industry experts and commentators. It explores current approaches to long-term strategic planning and risk management.
The Economist - The long view: getting new perspective on strategic risk
An interview Iain Scott, managing editor, Economist Intelligence Unit.
Iain talks about the most interesting findings including why risk planning should take a long-term view.
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Risk management in practice
Read about the approach that these organisations take towards managing risk.
Risk management culture and practice at Legal and General Investments
How ABCI manages the risks of investing in fast-growing Chinese companies
Finance and risk at the Omega Group.
Managing credit & liquidity risk at a Singapore-based SME
Stephen Chen, partner and head of risk, BDO Hong Kong talks to ACCA about their approach to risk management.
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Inside view
Paul Moxey, head of corporate governance and risk management at ACCA, tells us his views on the latest research and the impact it has on finance professionals.
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Last updated: 15 Feb 2012