The volatile, complex and uncertain environment in which businesses currently operate, necessitates that there is greater focus placed on the risk management by these entities.
That’s according to Michael Bynoe, Territory Leader, PwC East Caribbean. He made the point while delivering opening remarks at the PwC’s Better Risk Management, Better Business Performance Seminar, held yesterday morning at the Radisson Aquatica.
“There are just so many things out there – whether it is the ransomware, cyberware attacks that we heard of over the weekend; or the fact that none of us can quite predict the impact that Brexit may have on our economies in the region. Or perhaps closer to home, we all operate businesses in an environment of poor economic growth and with ever further discussions about such things as IMF [International Monetary Fund] programmes or debt restructuring or devaluation,” he said.
The PwC Territory Leader added, “None of us really can predict the future and I think we do operate at present in very uncertain times.”
But, while pointing out that no company can operate without some risks, he maintained that to remain successful, companies need to maintain good risk management practices. With that in mind, he indicated that the seminar is designed to equip participants with the knowledge they need to identify the risks that their businesses may be facing on a daily basis, and to identify the connection between those risks and their companies’ performances.
“PwC can help you to manage risks, in some cases mitigate those risks and to help you to continue to manage risks while growing your businesses. Risks can be managed both proactively and defensively, and any strategy needs to be successful enough to anticipate changes in your current business environment,” he said.
To that end, he said that through the session, they would assist participants to assess their potential risks, develop appropriate strategies to address those risks and to create a framework to ensure success in their businesses going forward.
(JRT)