The Cambridge dictionary defines culture as “the way of life, especially the general customs and beliefs, of a particular group of people at a particular time”. So, what do I mean by a risk management culture? In this regard, it is the way we understand risk and manage it daily.
Why do we need to manage risk? The Cambridge dictionary tells us it is “the possibility of something bad happening”, and anything that is a possibility means it has a nature of being unpredictable. The corporate space is a world of possibilities, but it does not favour those who aren’t strong in making accurate predictions. For an individual, firm, organization to succeed, one must be able to understand and manage risk i.e., build a risk management culture.
Understanding risks is a vital step in managing them and hence the SWOTCLOCK Diamond (SCD) Model. The SCD model is a creative and innovative approach, developed by Lyawere’s Business Consultant, Dr Nathan Tirosh, to strengthen and enhance the firm’s ability to consolidate its’ business strategy effectively and efficiently. It is a management tool for decision makers that will enhance their capacity to design and implement business strategies to meet current and future challenges. The SWOTCLOCK enables firms to understand the risks using a simple analytical, rational, and quantitative formula of how to embed the SWOT components (Strengths, Weaknesses, Opportunities, Threats), to make accurate predictions and eventually build a risk management culture.
Being a part of the Lyawere family has enabled me to receive training on the SCD model and as an accountant of the company, it is important for me to embed the risk management culture in my daily work. In every task I undertake, I am subconsciously analysing the potential threats and opportunities and weighing my strengths and weaknesses to achieve my goals, and the company goals. Our mission as Lyawere is to Advance Growth and Maximize Impact (#AGMI), and we can do that by taking full advantage of our strengths while minimizing potential threats. My call to action is for every individual and firm out there to take active steps to build a risk management culture, and the place to start is the SCD model training.
By Abbas – TLL (Today Lyawere Learns) Reflection April, 2022