IMPLEMENTING INTEGRATED FINANCIAL RISK MANAGEMENT

By Finn Dalheim

Some of the typical questions one gets when a shipping company CEO or CFO is convinced of the potential benefits of enterprise risk management for his company, are: “But how do we implement a cost-effective risk management framework within our lean, busy organization? What are the main implementation challenges, and how do we overcome them?”

In order to answer these questions, below collected are some useful advice for a step-by-step, low-cost, best practice, risk management implementation for a shipping company.

The benefits

In a cost/benefit analysis for establishing a risk management framework, the costs consist mainly of spending some more management time thinking about risk. What are the benefits?

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