On Wednesday 12th October at Palazzo Capua the Malta business community welcomed Mike Aldridge from UK to explain how a well-structured risk and opportunity control system, operated by the board and senior management of an enterprise, can bring new confidence by proactively managing business uncertainties and strategies.
The event was organised by Areti Business Issue Solutions Ltd (the internal audit arm of Busuttil & Micallef, Certified Public Accountants & Practising Auditors) and was attended by directors and managers from a variety of business sectors. These varied from hospitality, construction, health, and insurance to energy, manufacturing and an airline. Mr Paul Abela, President, and Mr Vincent Farrugia, Director General of GRTU were among the delegates.
There was discussion on the current economic uncertainties, which impact on all businesses to some degree, and how risk management can contribute to a business's strategic response. Mike's presentation also brought out queries and comments on planning and control topics which, if not managed well, can leave companies exposed to decline or worse. There was lively discussion on succession planning, particularly in the context of family businesses, and on the use of risk focused internal audits to ensure policies and procedures are operating as intended.
The need to adapt normal financial and other controls to monitor projects and initiatives was emphasised. So too was the need to adapt strategies on staffing, IT, customer service and finance when operations are overseas.
Mike's next visit to Malta will be in November, and he has offered to meet both collectively and individually by appointment with GRTU members who would like to learn more about how risk management may reduce some of the stresses of running a business and maximise the likelihood of its continuing prosperity.
Areti Business Issue Solutions Ltd is a Maltese joint venture company , formed from Areti Corporate Services Ltd in Malta with Business Issue Solutions Ltd in UK. Mike is the Managing Director of BIS, which he formed in 2008 to promote his risk management business. He has over 30 years of risk management and internal audit experience, initially with multinational companies and from 1996 with a variety of clients in his consultancy business. More details may be found on the Areti BIS website at http://www.areti-bis.com/ .

After months of negotiations GRTU is still without a decision on the new system for gas cylinders distribution in the districts. Government issued a draft law amendment for consultation. The system approved by the Fair Competition Office – a distribution system selling gas cylinders of all suppliers, today, Liquigas (green or yellow) and Easygas (grey) is acceptable to GRTU but not to the suppliers who prefer a free reign irrespective to the negative impact on the livelihood of the gas distributors. For them the gas distributors and their families and their employees and their families are not worth considering.
The National Enterprise Support Awards, launched by the Parliamentary Secretary for Small Business and Land within the Ministry of Finance, the Economy and Investment and the Parliamentary Secretary for Consumer, Fair Competition, Local Councils and Public Dialogue within the Office of the Prime Minister, recognise and award initiatives that support entrepreneurship. Moreover, this initiative should serve to encourage entities to start planning specific projects which would attain the scope of these awards.
