RISK MANAGEMENT

[Audio] Good morning everyone! Today, we will be discussing Risk Management. Over the next few weeks, we will be exploring the concept of risk management and the roles and responsibilities of border agencies in relation to international obligations, food safety, biosecurity, immigration, public safety, intellectual property, transport security, and safety standards. Let's get started!.

[Audio] Exploring the topic of Risk Management and its relevance to International obligations and Border Agency Responsibilities is on this week's agenda. Why Risk Management is important is the starting point before delving into its actual components. With this knowledge, roles and responsibilities of the Border Agencies in the context of Risk Management can be better comprehended..

[Audio] Risk management is a crucial aspect of any organization, and this course will examine its usage in the customs context. We will survey the components of a risk management framework, as well as the fundamentals of risk and risk management. With these ideas, we should obtain a better comprehension of risk management and its importance..

[Audio] Risk management is an essential part of any organisation or business. Reviewing risk management practices and policies can help identify potential risks, and develop plans to manage or reduce these risks. This can improve efficiency and effectiveness when dealing with the associated administrative workloads, allowing organisations to keep their competitive edge..

[Audio] Focusing on international obligations when managing risks, this slide will look at 3 key agreements: the World Trade Organization (WTO), the WCO SAFE Framework, and the WCO Revised Kyoto Convention (RKC). It is essential to comprehend the obligations that come with these agreements in order to maintain compliance and reduce risk..

[Audio] Border control agencies are paramount in ensuring the safety of our countries. Risk management is a key component in our worldwide society, and these agencies fulfil many duties to achieve this goal. Such duties include preventing illegal entrance and exit of a country, as well as blocking the importation of hazardous materials. Agencies also protect shoppers from health issues, injury, and death by ensuring products meet safety regulations. Further, they secure the supply chain and prohibit trading of pirated and counterfeit items. All of these noted efforts contribute to our collective security..

[Audio] Border security is paramount to protect national security and the interests of citizens. Various government policies and strategies exist to manage activities at the border and reduce risk levels, while allowing legitimate trade and travel to occur without disruption. To achieve this, different agencies involved in border management must collaborate and ensure roles and responsibilities are assigned and fulfilled..

[Audio] Risk management is a key element of business operations, aiming to keep assets secure and risks reduced. Despite the importance of cross-border control for risk management, the border processes and procedures in place often fail to reflect the true level of risk. In order to strive for better results, there is a need to review and modify these systems and protocols, ensuring that facilitation is provided in an appropriate manner..

[Audio] Risk Management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. It is a roadmap for minimizing the potential for loss and maximizing the potential for gain. This process ensures that potential risks are continually monitored and evaluated so that necessary actions can be taken. Risk management employs a variety of approaches to identify potential risks, assess their impact and develop effective strategies to reduce or control them. Risk management also involves communicating and training organizational members on the importance of risk management and its impact on the organization's success. To be successful in Risk Management, it is important to understand and comply with the key goals and components of the process. Additionally, Risk Management strategies must be applied in a variety of organizational settings and the effectiveness of these approaches must be evaluated. An organization's ability to create and protect value relies heavily on the effective implementation and management of these strategies. The proverb "It is better to be in the air wishing you were on the ground, than to be on the ground wishing you were in the air" serves as a reminder that effective risk management is essential for success..

[Audio] Risk management is about finding the most effective way of minimizing problems while maximizing the positive outcomes, while allowing us to find the best combination of trade facilitation and regulatory intervention. It provides us with information to understand the cost and benefit of each policy decision, enabling us to make the right choice for a better future..

[Audio] Risk management is an essential element of any successful business or organization, involving assessing potential risks and implementing measures to reduce their likeliness or impact. Different types of risks exist, with their sources varying, and it is crucial to be able to identify and manage them. We will explore the subject in more depth over the coming weeks..

[Audio] We will be examining the Risk Management Framework this week in our Risk Management course. It is a system used by organizations to recognize, evaluate, and control risks. It helps them recognize the risks that could affect their operations, recognize the effect of these risks, and establish strategies to reduce them. We will be looking at the components of the framework, how organizations use it to analyze their risk profile, and what organizational policies and procedures can be employed to control the risks..

[Audio] Analyzing the risks that exist and understanding the sources and root causes of those risks is essential when looking at risk management. To accurately understand the context of the risk environment, it is crucial to identify the risks in question, asking: risks to what? This enables us to identify the level and type of risk, and develop appropriate risk management techniques to address the risks..

[Audio] Establishing the context is the most critical step in the risk management cycle. Taking the time to ensure that the context has been properly established is the key to a successful risk management cycle. Incorrect context can lead to the whole process failing, as it is from this context that the overall process is built on and determined. It is therefore important to properly identify risk when managing it..

[Audio] Risk management is a process that allows us to evaluate and manage possible threats that may hinder achievement of objectives. Both internal and external factors must be considered when making decisions about risk, taking into account the environment in which the decisions are being made to make the best choices..

[Audio] Analyzing potential risks associated with arriving late to work, understanding their impacts, and implementing strategies to reduce and mitigate those risks are key elements of risk management. We will look into the potential factors that may cause one to be late, the potential consequences of being late, and the strategies we can employ to reduce any chance of it happening. By the end of this week, you should have an in-depth understanding of the importance of risk management and how to apply it to practical scenarios..

[Audio] At the end of our presentation, let's focus on risk management week 1. We must consider hours of operation at ports and airports, number and competencies of staff, staff responsibilities and accountabilities, and the administrative framework, including practices and procedures. Additionally, we must look at the agency infrastructure at the border, systems and technology, head office support, and internal communication and reporting mechanisms. Furthermore, we should recognize the geographic setting, general facilities and infrastructure at the border, international trade, transport and travel, treaties and international obligations, and the quality of government legislation and policy, interagency agreements and level of cooperation. That wraps up this presentation. Thank you for your attention..