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