Risk Management Within Knowledge Worker Services
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A risk-based approach to business (Enterprise Risk Management—ERM) is a consolidated way for a business to manage the risks they are exposed to so that the business can achieve its required outcomes and benefits. Whether the risk is strategic or operational in nature, or unique to a given industry, business, or market, managing risk is a core ongoing business activity using the consistent and persistent application of existing business activities. Beyond managing risk and the resultant business benefits, a risk-based approach to business also builds capacities and capabilities across a business, which enables improvement, lowering of costs, higher calibre management, and a better response to changes in the business environment. These same skills and competencies that are part of a risk-based approach are used in managing the risk of rapid changes in technology into a business and provide a common resource base for adapting operations to emergent technologies. The role of ERM in knowledge worker services is discussed further in this chapter.