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Andrew Torrance, chief executive, Allianz UK
“With today’s challenging economic environment, the effective management of risk is even more critical. It is well known that risks such as arson, theft, fraud and bad debt are all likely to increase during tough economic times. The importance of having effective processes in place to identify and manage risk is an essential focus.”
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Alistair Cochrane, managing director UK & Ireland, TNT Express Services
“Companies that underestimate risks, ignore them or misjudge the potential for something to go wrong, can expect to see a negative impact on reputation and bottom line. Successful risk management requires companies to be nimble and dynamic enough to adapt to change. It must also include ensuring company-wide awareness.”
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Stephen Pugh, finance director, Adnams
“Business is about seeking rewards in return for taking risks. Firms have been helped by increasingly sophisticated risk management tools, but this has brought dangers, most notably the danger of false confidence. There is also the need to guard against the risk management process becoming costly and distant from the business.”
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Martin O’Donovan, deputy policy and technical director, Association of Corporate Treasurers
“The euro is high on the list of risks, but it is a tricky one. However, applying the framework of risk identification, assessment and evaluation, response and feedback, can bring rigour into the review process and help a treasurer work through the specific risks for their company.”
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Mark Bolsom, head of dealing, Western Union Business Solutions
“When looking to expand abroad, understand the country’s economic drivers and regulatory environment. Trading in a commodities-driven economy will carry different risks to trading in emerging markets while others may limit the amount of currency you can take out of the country. Do your homework and develop strategies accordingly.”