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The issue of risk management was a vital topic missed by G20 representatives during their analysis of the Global Financial Crisis (GFC) according to Senior Lecturer in Finance at the Faculty of Economics and Commerce Dr Les Coleman.
“The G20 has done a lot of work looking at ways of avoiding another financial crisis, but they are tackling things like capping executive salaries and not addressing what caused the GFC – and that was risk,” he says.
“Risk in business is exactly the same as it is in our personal lives; it’s a decision that you take that may have bad consequences. We need to understand the risks companies are taking across all industrial sectors.”
Dr Coleman says the main problem with risks in business is that many are hidden from shareholders.
“Risks are like cockroaches, they thrive in the dark and if we turn more light on them and provide more information for shareholders and investors we would understand the risks and force management to address them adequately,” he says.
Dr Coleman says what’s needed is a list of risk indicators, covering everything from legislative breeches to trips and spills, which are then reported to investors on a regular basis.
Dr Coleman is a Senior Lecturer in Finance in the Faculty of Economics and Commerce.
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