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Risk Management Best Practice 2 – Integrated Risk Assurance Oversight Matrix

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Maintaining compliance in today’s highly regulated, rule-driven marketplace requires diligent oversight of the organization’s core processes by the company’s staff. This oversight takes many forms from internal audits, self-assessments, management observations, and quality checkpoints embedded within the processes themselves. These points of oversight, however, may individually fall short from providing fully effective compliance risk assurance. Therefore, deliberate action should be taken to marry these assurance activities into a single cohesive program.

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Additional Information

StrategyDriven provides other informative articles and tools on how to synthesize data to create a complete picture of performance. These include:

Recommended Resource – Finance Without Fear

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Finance Without Fear: A Guide to Creating and Managing a Profitable Business
by William S. Hettinger and John Dolan-Heitlinger

About the Reference

Finance Without Fear: A Guide to Creating and Managing a Profitable Business by William S. Hettinger and John Dolan-Heitlinger unveals the mysteries of financial statements in this easy-to-understand, example filled book. William and John arm leaders with the knowledge of what is in each financial statement, how statements relate to each other, and, more importantly, how business operations impact reported financial outcomes.

Benefits of Using this Reference

StrategyDriven Contributors like Finance Without Fear because it imparts the appropriate level of financial report understanding needed to be a successful executive or manager while not requiring the reader to be a CPA. Additionally, the illustrative examples relating business operations to financial statements clearly conveys the relationships and importance of strategic and day-to-day decisions to the financial well-being of the organization.

StrategyDriven Contributors believe it is vitally important for all executives and managers to understand how operational decisions impact financial performance and its conveyance in financial statements. Likewise, it is critical that these leaders be able to draw conclusions about business operations from their financial statements. While newly ascending managers may not have this knowledge, they should seek and be provided this information early in their management careers. Finance Without Fear can be used to impart such knowledge; making it a StrategyDriven recommended read.

StrategyDriven Podcast Video Edition 3 – Framework for Aligning an Organization

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StrategyDriven Podcasts focus on the tools and techniques executives and managers can use to improve their organization’s alignment and accountability to ultimately achieve superior results. These podcasts elaborate on the principle, best practice, and warning flag articles found on the StrategyDriven website.

Episode 3 – Framework for Aligning an Organization explores the mechanisms needed to create an programmatic framework focusing all employees on the achievement of the organization’s mission goals as well as the benefits these organizations realize over competing firms not so well aligned.
 


 
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Risk Management Best Practice 1 – Map Corporate Risks to Operational Processes

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All enterprises face a unique set of risks that threatens long-term organizational success and viability. Like corporate level performance measures, it can be difficult to readily ‘see’ the day-to-day activities that initiate, amplify, or mitigate these risks. Mapping corporate risks to the line organization’s executable processes illuminates the risk related activities so they can be appropriately monitored and managed.

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Ten Ways to Engage Your Workforce in 2012

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As we start a new year, leaders will once again ask themselves how they can engage their people – often asking employees to do more with less. Let me start by observing that you can’t motivate people. You need to hire motivated top performers and then make sure you don’t demotivate them. Here are some ways to ensure you don’t:

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About the Author

Dr. Linda Henman, the catalyst for virtuoso organizations, is the author of Landing in the Executive Chair, among other works. She is an expert on setting strategy, planning succession, and developing talent. For more than 30 years she has helped executives and boards in Fortune 500 Companies and privately-held organizations dramatically grow their businesses. She was one of eight succession planning experts who worked directly with John Tyson after his company’s acquisition of International Beef Products. Some of her other clients include Emerson Electric, Avon, Kraft Foods, Edward Jones, and Boeing. She can be reached in St. Louis at www.henmanperformancegroup.com.