Risk and Opportunity Control

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/ .