Risk Management from an Enterprise Level Down to You
Yat Cheng (pictured above with member Thomas Reppchen) is the Chief Executive Officer and Director of Operational Risks at Blueshift Advisory, a Vancouver-based firm that specializes in integrated risk management services. Yat brings to this role over 15+ years of experience as a seasoned leader in strategy development, risk management, finance and audit. He has worked with leaders in the post-secondary sector, air travel, securities regulation and corporate social responsibility sectors.
On September 15th, Yat spoke to us about Enterprise Risk Management (ERM), a process designed to identify possible events that prevent an entity from achieving its objectives. The scale of the entity can range from large corporations to individuals with personal goals. The process is based on (1) the identification of the goal (s); (2) characterization of the risk; and (3) the development of a strategy of risk mitigation.
Yat provided an example of how ERM can be applied at the personal level using the example of retirement planning - see below. Three risks are identified in this example with measures to mitigate each of these risks identified. While this example is simple in concept, it highlights the need to be cognizant of the risks that our goals could encounter and take steps to mitigate those risks in order to increase the likelihood of achieving those goals. For more information about Blueshift Advisory's services and Yat's work, visit https://www.blueshifts.ca/
