«Managers are people of integrity, who bring character to the job» – Peter F Drucker.
If you have no target, you have no risk of failing to achieve the target. When your business is simple, your risk management should be simple. No over-engineering. When your business is complex, your risk management should be sufficiently complex to match the business.
In practice, risk management has to do a lot with getting the right people on the boat. There is no substitute for integrity. Therefore, the quote from Peter F Drucker – “managers are people of integrity, who bring character to the job” – is one of my favourite. I believe to make risk management meaningful you need understanding of the processes, identification and assessment of resulting risks, definition and execution of controls embedded in a managerial setting that fosters risk communication and documentation. With this mindset, you can succeed, regardless if acting as a non-executive director, as an auditor or as a consultant when implementing governance frameworks