managing risk new ideas from the private...
TRANSCRIPT
Managing Risk – new ideas from the private sector NHF Risk Conference
21st January 2014
Presented by:
Mike Morley-Fletcher
Devonshires Business Advisory Service
07876 240405
Who are these drivers?
Who are these drivers?
Risk Management is
about seizing
opportunities as well
as reducing risk
Danger and opportunity
Chinese definition of “risk”
Danger Opportunity
Look at
upside risk
as well as
downside
risk,
seize the
opportunities
“What is the reward for risk?”
From the 2013 film, Rush, about James Hunt and Niki Lauda’s rivalry for the 1976
Formula 1 World Championship title ………………..
Niki Lauda has met a lady he wants to
impress and has been asked to drive
her to the station. He drives rather
sedately and she, knowing he is a F1
driver, asks why:
Niki Lauda: “There's no need to drive
fast. We're not in a hurry, we're not
being paid. There is no reward for the
risk. So why would I drive fast?”
Marlene Knaus: “Because I'm asking
you to”.
[He speeds up and
marries her shortly afterwards]
“What is the reward for risk?”
From the 2013 film, Rush, about James Hunt and Niki Lauda’s rivalry for the 1976
Formula 1 World Championship title ………………..
Niki Lauda has met a lady he wants to
impress and has been asked to drive
her to the station. He drives rather
sedately and she, knowing he is a F1
driver, asks why:
Niki Lauda: “There's no need to drive
fast. We're not in a hurry, we're not
being paid. There is no reward for the
risk. So why would I drive fast?”
Marlene Knaus: “Because I'm asking
you to”.
[He speeds up and
marries her shortly afterwards]
“What is the reward for risk?”
From the 2013 film, Rush, about James Hunt and Niki Lauda’s rivalry for the 1976
Formula 1 World Championship title ………………..
Link
risk to
reward
Niki Lauda has met a lady he wants to
impress and has been asked to drive
her to the station. He drives rather
sedately and she, knowing he is a F1
driver, asks why:
Niki Lauda: “There's no need to drive
fast. We're not in a hurry, we're not
being paid. There is no reward for the
risk. So why would I drive fast?”
Marlene Knaus: “Because I'm asking
you to”.
[He speeds up and
marries her shortly afterwards]
“What is the reward for risk?”
Niki Lauda argues his case for
cancelling the 1976 German Grand Prix,
due to atrocious weather conditions:
Niki Lauda: I accept that every time I
get into my car, there's a 20% chance I
could die …. and I can live with that.
But not one percent more! And today,
with the rain, the risk is more.
[They raced, he crashed
and almost died]
From the 2013 film, Rush, about James Hunt and Niki Lauda’s rivalry for the 1976
Formula 1 World Championship title ………………..
Link
risk to
reward
Niki Lauda has met a lady he wants to
impress and has been asked to drive
her to the station. He drives rather
sedately and she, knowing he is a F1
driver, asks why:
Niki Lauda: “There's no need to drive
fast. We're not in a hurry, we're not
being paid. There is no reward for the
risk. So why would I drive fast?”
Marlene Knaus: “Because I'm asking
you to”.
[He speeds up and
marries her shortly afterwards]
“What is the reward for risk?”
Niki Lauda argues his case for
cancelling the 1976 German Grand Prix,
due to atrocious weather conditions:
Niki Lauda: I accept that every time I
get into my car, there's a 20% chance I
could die …. and I can live with that.
But not one percent more! And today,
with the rain, the risk is more.
[They raced, he crashed
and almost died]
From the 2013 film, Rush, about James Hunt and Niki Lauda’s rivalry for the 1976
Formula 1 World Championship title ………………..
Link
risk to
reward
Know
your risk
tolerance
The challenge?
How to make
risk
management
less a
wearisome
compliance
exercise
and more
a winning
competency?
Agenda
1) Have a more interactive
presentation and discussion
of risks to get more value for
risk management
The challenge?
How to make
risk
management
less a
wearisome
compliance
exercise
and more
a winning
competency?
Agenda
How to:
1) Have a more interactive
presentation and discussion
of risks to get more value for
risk management
2) Use Risk & Return Analysis
to make risk-adjusted
decisions
The challenge?
How to make
risk
management
less a
wearisome
compliance
exercise
and more
a winning
competency?
Agenda
How to:
1) Have a more interactive
presentation and discussion
of risks to get more value for
risk management
2) Use Risk & Return Analysis
to make risk-adjusted
decisions
3) Use risk information real time
to provide confidence and
warn of impending danger
The challenge?
How to make
risk
management
less a
wearisome
compliance
exercise
and more
a winning
competency?
Agenda
How to:
The challenge?
How do you
make
presentation
and discussion
of risk more
valuable to the
Board and the
Association?
1) Interactive presentation &
discussion of risks
Risk Map
- What is the risk?
- What should it be?
The challenge?
How do you
make
presentation
and discussion
of risk more
valuable to the
Board and the
Association?
1) Interactive presentation &
discussion of risks
Risk Map
- What is the risk?
- What should it be?
Risk Tolerance
- Board’s statement
- Management’s response
The challenge?
How do you
make
presentation
and discussion
of risk more
valuable to the
Board and the
Association?
1) Interactive presentation &
discussion of risks
LIKELIHOOD (over BP period)
IMP
AC
T (
max p
a)
4) critical
1) manageable
2) moderate
( £ 50 – 100k)
3) serious
(g) high (d) high (b) critical (a) critical
(k) medium (h) medium (e) high (c) critical
(n) low (l) medium (i) medium (f) high
(p) v.low (o) low (m) medium (j) medium
1) Remote (< 10%) 2) Possible (10 - 50%) 4) Likely (> 80%) 3) Probable (50 - 80%)
(< £ 50k)
( £ 100 – 200k)
(> £ 200k)
RISK MAP (net risk)
Risk Map – what is the risk?
what should it be?
LIKELIHOOD (over BP period)
IMP
AC
T (
max p
a)
4) critical
1) manageable
2) moderate
( £ 50 – 100k)
3) serious
(g) high (d) high (b) critical (a) critical
(k) medium (h) medium (e) high (c) critical
(n) low (l) medium (i) medium (f) high
(p) v.low (o) low (m) medium (j) medium
1) Remote (< 10%) 2) Possible (10 - 50%) 4) Likely (> 80%) 3) Probable (50 - 80%)
(< £ 50k)
( £ 100 – 200k)
(> £ 200k)
RISK MAP (net risk)
G
N
T
Risk Map – what is the risk?
what should it be?
G
N
T
= Gross exposure, before controls
= Net exposure, after controls
= Target exposure, after further actions
LIKELIHOOD (over BP period)
IMP
AC
T (
max p
a)
4) critical
1) manageable
2) moderate
( £ 50 – 100k)
3) serious
(g) high (d) high (b) critical (a) critical
(k) medium (h) medium (e) high (c) critical
(n) low (l) medium (i) medium (f) high
(p) v.low (o) low (m) medium (j) medium
1) Remote (< 10%) 2) Possible (10 - 50%) 4) Likely (> 80%) 3) Probable (50 - 80%)
(< £ 50k)
( £ 100 – 200k)
(> £ 200k)
RISK MAP (net risk)
G
N
T
G
N
T
= Gross exposure, before controls
= Net exposure, after controls
= Target exposure, after further actions
Risk Map – what is the risk?
what should it be?
Score Description Relative %
Actual (eg, on Surplus of £1m)
4 Critical > 20% > £200K
3 Serious 10 - 20% £100 – 200k
2 Moderate 5 – 10% £50 – 100k
1 Manageable 0 - 5% < £50k
Score
Description Likelihood
4 Likely > 80%
3 Probable 50 - 80%
2 Possible 10 – 50%
1 Remote 0 - 10%
IMPACT Criteria
LIKELIHOOD Criteria
Which is
better
?
Risk Map – comparison?
Which is
better
?
Risk Map – comparison?
40%
risk?
60%
risk?
Which is
better
?
Risk Map – comparison?
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
40%
risk?
60%
risk?
Which is
better
?
Risk Map – comparison?
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
FURTHER ACTIONS TARGET
actions who when now then
1) avoid risk GM 3/6 45 25
2) fix, prevent risk I T 5/8 12 22
3) contingency plan MD 5/5 27 25
MONITORING MECHANISM
report who to whom when
4) management report SD Exco 12/ 12
5) internal audit IA AC 16/12
40%
risk?
60%
risk? £XXm
£XXm
?
Risk Tolerance: what is it?
How much
risk are you
willing to
take?
How much risk
are you willing to
tolerate?
Key to
risk taking “Tipping point”,
calibrates
risk management
Risk Tolerance: what is it?
How much
risk are you
willing to
take?
How much risk
are you willing to
tolerate?
Key to
risk taking “Tipping point”,
calibrates
risk management
• Shows the ‘tipping point’, the
difference between right and wrong
• Calibrates decision making, ‘how
much risk to get how much reward?’
• Sets level of Delegation of
Authorities
• Can be used to communicate and
monitor acceptable levels of risk
taking
• Challenges right level of reward and
control (including the cost of control)
• Board responsibility and renewed
focus for regulators
Risk Tolerance: what is it?
Risk Tolerance: regulators say?
UK Corporate Governance
Code (May 2010) =
the Board is responsible for
‘determining the nature and
extent of the significant risks
it is willing to take in
achieving its strategic
objectives … and should
maintain sound risk
management and internal
control systems’.
(Principle C.2 )
Risk
appetite
Risk Tolerance: regulators say?
• The HCA’s Regulatory
Standards = have an
effective risk
management and internal
controls assurance
framework.
• The Federation’s Code
of Governance = maintain
a sound system of
internal controls and
manage risk.
UK Corporate Governance
Code (May 2010) =
the Board is responsible for
‘determining the nature and
extent of the significant risks
it is willing to take in
achieving its strategic
objectives … and should
maintain sound risk
management and internal
control systems’.
(Principle C.2 )
Risk
appetite
Board’s Risk Attitude scale
Risk Tolerance:
how to determine it?
Risk Attitude RISK ADVERSE
CAUTIOUS BALANCED OPPORTUNISTIC ENTREPENEURIAL
Characteristics Minimal/ 0 tolerance
Cautious tolerance
Balanced attitude
Enquiring appetite
Hungry appetite
% variance of outcomes
< 1% 1 – 2.5% 2.5 – 5% 5 – 10% > 10%
Illustrative examples
Corporate reputation
Safety
Trading
Asset investment
Operations 3rd party negotiations
Customer capture
New investments
Internet strategy
Board’s Risk Attitude Statement
Risk attitude An example Minimal
tolerance Cautious tolerance
Balanced Some appetite
Strong appetite
1 2 3 4 5
Val
ue
dri
vers
Resident/ tenant feedback
Surplus volatility
Capital requirement
Reputation
Credit rating
Regulatory standing
Board sets general direction Management responds with specific risk tolerances
Time
Value
£
Risk
Indicator
Risk
Tolerance
Risk
Appetite
Monitoring Risk Appetite
Time
Value
£
Risk
Indicator
Risk
Tolerance
Risk
Appetite
Monitoring Risk Appetite
Board’s Risk Attitude scale
Management’s Risk Tolerance,
using Key Risk Indicators
Risk Tolerance:
how to determine it?
Risk Attitude RISK ADVERSE
CAUTIOUS BALANCED OPPORTUNISTIC ENTREPENEURIAL
Characteristics Minimal/ 0 tolerance
Cautious tolerance
Balanced attitude
Enquiring appetite
Hungry appetite
% variance of outcomes
< 1% 1 – 2.5% 2.5 – 5% 5 – 10% > 10%
Illustrative examples
Corporate reputation
Safety
Trading
Asset investment
Operations 3rd party negotiations
Customer capture
New investments
Internet strategy
Board’s Risk Attitude Statement
Risk attitude An example Minimal
tolerance Cautious tolerance
Balanced Some appetite
Strong appetite
1 2 3 4 5
Val
ue
dri
vers
Resident/ tenant feedback
Surplus volatility
Capital requirement
Reputation
Credit rating
Regulatory standing
Board sets general direction Management responds with specific risk tolerances
Time
Value
£
Risk
Indicator
Risk
Tolerance
Risk
Appetite
Monitoring Risk Appetite
Time
Value
£
Risk
Indicator
Risk
Tolerance
Risk
Appetite
Monitoring Risk Appetite
Board’s Risk Attitude scale
Management’s Risk Tolerance,
using Key Risk Indicators
Risk Tolerance:
how to determine it?
Risk Attitude RISK ADVERSE
CAUTIOUS BALANCED OPPORTUNISTIC ENTREPENEURIAL
Characteristics Minimal/ 0 tolerance
Cautious tolerance
Balanced attitude
Enquiring appetite
Hungry appetite
% variance of outcomes
< 1% 1 – 2.5% 2.5 – 5% 5 – 10% > 10%
Illustrative examples
Corporate reputation
Safety
Trading
Asset investment
Operations 3rd party negotiations
Customer capture
New investments
Internet strategy
Board’s Risk Attitude Statement
Risk attitude An example Minimal
tolerance Cautious tolerance
Balanced Some appetite
Strong appetite
1 2 3 4 5
Val
ue
dri
vers
Resident/ tenant feedback
Surplus volatility
Capital requirement
Reputation
Credit rating
Regulatory standing
Board sets general direction Management responds with specific risk tolerances
Policies
Risk Tolerance:
how to determine it?
1. Board sets a directional ‘Risk Attitude’, using a consistent scale,
as a guide to Management of extent of risk to take
2. Management, as part of risk management process, respond by
defining specific risk tolerances for each key risk:
- identify Key Risk Indicators
- set specific upper limits of tolerance (and perhaps lower limits
for appetite)
- consider consistency and aggregation of separate tolerances
Risk Tolerance:
how to determine it?
1. Board sets a directional ‘Risk Attitude’, using a consistent scale,
as a guide to Management of extent of risk to take
2. Management, as part of risk management process, respond by
defining specific risk tolerances for each key risk:
- identify Key Risk Indicators
- set specific upper limits of tolerance (and perhaps lower limits
for appetite)
- consider consistency and aggregation of separate tolerances
3. Board validates Management’s risk tolerances against their risk
attitude
4. Management monitor and report breaches, (using KRIs as early
warning)
5. Management document in policies, articulate in leadership
communications, reinforce by actions
LIKELIHOOD (over BP period)
IMP
AC
T (
max p
a)
4) critical
1) manageable
2) moderate
( £ 50 – 100k)
3) serious
(g) high (d) high (b) critical (a) critical
(k) medium (h) medium (e) high (c) critical
(n) low (l) medium (i) medium (f) high
(p) v.low (o) low (m) medium (j) medium
1) Remote (< 10%) 2) Possible (10 - 50%) 4) Likely (> 80%) 3) Probable (50 - 80%)
(< £ 50k)
( £ 100 – 200k)
(> £ 200k)
RISK MAP (net risk)
G
N
T
RT Now Target Profile
can be compared to
Risk Tolerance
Risk Profiling with Risk Tolerance
The challenge?
How do you
use risk
information to
help choose
between
different
options
(investment or
others)?
2) Using Risk & Return Analysis
to make risk-adjusted decisions
Risk & Return Analysis
- comparing return to
investment to risk
- considering overall portfolio sufficiency with regard to stakeholders expectations
- concluding on: “green lighting”, “nurturing” or stopping investments.
The challenge?
How do you
use risk
information to
help choose
between
different
options
(investment or
others)?
2) Using Risk & Return Analysis
to make risk-adjusted decisions
Retu
rn (
e.g
. N
PV £
m/
soci
al fa
ctor)
Execution Risk (%) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Almost certain to fail to deliver
Remote possibility of failing to deliver
1
2
3
4
5
6
7
8
9
10
SI 4
SI 5
SI 7
SI 1
SI 3
SI 6
SI 8
SI 2
i) Plot return drivers from Impact Analysis for each SI
Example of Risk & Return Analysis
Retu
rn (
e.g
. N
PV £
m/
soci
al fa
ctor)
Execution Risk (%) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Almost certain to fail to deliver
Remote possibility of failing to deliver
1
2
3
4
5
6
7
8
9
10
SI 4
SI 5
SI 7
SI 1
SI 3
SI 6 SI 8
SI 2
ii) Plot risk drivers from Impact Analysis for each SI
Example of Risk & Return Analysis
Retu
rn (
e.g
. N
PV £
m/
soci
al fa
ctor)
Execution Risk (%) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Almost certain to fail to deliver
Remote possibility of failing to deliver
1
2
3
4
5
6
7
8
9
10
Return Hurdle
= £2.5m
Risk Tolerance = 45%
SI 4
SI 5
SI 7
SI 1
SI 3
SI 6 SI 8
SI 2
i, ii) Plot risk/ return drivers from Impact Analysis for each SI iii) Overlay cut off criteria: return hurdle & risk tolerance
Example of Risk & Return Analysis
Retu
rn (
e.g
. N
PV £
m/
soci
al fa
ctor)
Execution Risk (%) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Almost certain to fail to deliver
Remote possibility of failing to deliver
1
2
3
4
5
6
7
8
9
10
Return Hurdle
= £2.5m
Risk Tolerance = 45%
SI 4
SI 5
SI 7
SI 1
SI 3
SI 6 SI 8
SI 2
IRR = 45%
IRR = 23%
i, ii) Plot risk/ return drivers from Impact Analysis for each SI iii) Overlay cut off criteria: return hurdle & risk tolerance iv) Make decisions: 5 SIs selected (3 require further actions), 3 stopped
v) Monitor progress: changes to return/ risk, completion of actions
Example of Risk & Return Analysis
Retu
rn (
e.g
. N
PV £
m/
soci
al fa
ctor)
Execution Risk (%) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Almost certain to fail to deliver
Remote possibility of failing to deliver
1
2
3
4
5
6
7
8
9
10
Return Hurdle
= £2.5m
Risk Tolerance = 45%
SI 4
SI 5
SI 7
SI 1
SI 3
SI 6 X X
SI 8
SI 2
IRR = 45%
IRR = 23%
i, ii) Plot risk/ return drivers from Impact Analysis for each SI iii) Overlay cut off criteria: return hurdle & risk tolerance iv) Make decisions: 5 SIs selected (3 require further actions), 3 stopped
v) Monitor progress: changes to return/ risk, completion of actions
X
Example of Risk & Return Analysis
Retu
rn (
e.g
. N
PV £
m/
soci
al fa
ctor)
Execution Risk (%) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Almost certain to fail to deliver
Remote possibility of failing to deliver
1
2
3
4
5
6
7
8
9
10
Return Hurdle
= £2.5m
Risk Tolerance = 45%
SI 4
SI 5
SI 7
SI 1
SI 3
SI 6
Reduce Execution Risk & Collateral Damage
X Stop this SI
X SI 8
SI 2
Reduce collateral damage
Stop these SIs
Reduce Execution Risk
IRR = 45%
IRR = 23%
i, ii) Plot risk/ return drivers from Impact Analysis for each SI iii) Overlay cut off criteria: return hurdle & risk tolerance iv) Make decisions: 5 SIs selected (3 require further actions), 3 stopped
v) Monitor progress: changes to return/ risk, completion of actions
X
Example of Risk & Return Analysis
Retu
rn (
e.g
. N
PV £
m/
soci
al fa
ctor)
Execution Risk (%)
“No need?” “No way”
“No sleep” “No brainer”
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Almost certain to fail to deliver
Remote possibility of failing to deliver
1
2
3
4
5
6
7
8
9
10
Return Hurdle
= £2.5m
Risk Tolerance = 45%
SI 4
SI 5
SI 7
SI 1
SI 3
SI 6
Reduce Execution Risk & Collateral Damage
X Stop this SI
X SI 8
SI 2
Reduce collateral damage
Stop these SIs
Reduce Execution Risk
IRR = 45%
IRR = 23%
i, ii) Plot risk/ return drivers from Impact Analysis for each SI iii) Overlay cut off criteria: return hurdle & risk tolerance iv) Make decisions: 5 SIs selected (3 require further actions), 3 stopped
v) Monitor progress: changes to return/ risk, completion of actions
X
Example of Risk & Return Analysis
3) Using risk information
real time
The challenge?
How do you
make risk
information real
time, so that it
can bring
confidence and
warn of
impending
danger?
3) Using risk information
real time
Risk Dashboard
- measuring and monitoring
risks
- as part of performance
dashboard
- to bring us confidence
- to warn us of impending
danger
The challenge?
How do you
make risk
information real
time, so that it
can bring
confidence and
warn of
impending
danger?
Measuring and monitoring risks as part of performance dashboard
– We need them for our cars, why not for our businesses?
– To go faster, further and more safely
Risk Dashboard – the theory
Measuring and monitoring risks as part of performance dashboard
– We need them for our cars, why not for our businesses?
– To go faster, further and more safely
KRI KRI
KCI
KCI
KRI
KPI
KPI
KPI
Risk Dashboard – the theory
Measuring and monitoring risks as part of performance dashboard
– We need them for our cars, why not for our businesses?
– To go faster, further and more safely
KRI KRI
KCI
KCI
KRI
KPI
KPI
KPI
Speed
camera
detector
KRI
Risk Dashboard – the theory
Risk Dashboard – the practice
KEY RISK INDICATORS for Period 6
Strategic Objective Key Risk Indicator Target Actual Variance Prior period YTD trend
1) SERVICE DEMAND - passenger journeys 219m 205m -14m 206
2) SUPPLY - % trains operated at peak 95.2% 95.0% -0.2% 94.7%
3) RELIABILITY - on time (per index) 83.6 77.4 -6.2 82.6
4) SAFETY - injuries 60 58 2 59
5) CUSTOMER SATISFACTION - "recommend" 78.3% 76.8% -1.5% 79.3%
6) PEOPLE - no. of staff 22,487 22,250 -237 22,123
- absence 1 day 0.96 day -0.04 day 1.1 days
7) KEY INITIATIVES - PM status80%
on target
77%
on target-3%
60%
on target
Better than/ equal to target Within 5% of target 5% or more off target
Real time risk
information
integrated with
performance
information
The answers?
The answers?
Niki Lauda, F1 champion
1975,
1977,
1984
James Hunt, F1 champion
1976
The answers?
Niki Lauda, F1 champion
1975,
1977,
1984,
James Hunt, F1 champion
1976
Risk Management, a winning competency?
Use it to gain a competitive advantage
The answers?
Niki Lauda, F1 champion
1975,
1977,
1984,
James Hunt, F1 champion
1976
Risk Management, a winning competency?
Use it to gain a competitive advantage & help with
reassuring
the Regulator