RBS Co-hosts Conference on Risk Management

On March 24, RBS and AmCham Latvia hosted a conference entitled: Managerial Lessons in Risk Management.

Speakers and leaders discussed managerial lessons in risk management from tragic events like the BP oil disaster in the Gulf of Mexico to the Riga supermarket roof collapse. They highlighted best practices, policies and ethical frameworks that could safeguard the public, customers, employees and assets from small to catastrophic loss due to management failures. The international and local practitioners and academics addressed the topics of risk management, business ethics and recommendations for all businesses.

Dr. John Hampton, a Professor of Business at St. Peter’s University in New Jersey and a principal in the Princeton Consulting Group elaborated on effective risk management practices drawing upon the case studies of Jet Blue Airways and U.S. Airways. Dr. Hampton emphasized: “If it ain’t broke, fix it anyway”, thus urging businesses to be prepared for crisis situations. “You cannot quantify black swan events, but you can reduce their impact,” he said.

Dr. Atis Zakatistovs spoke on practical business ethics and risks related to human nature. According to him, fraud awareness is very important in business.

Marcis Pumpurs of SECCREDO shared his experiences about various approaches to risk determined by the business culture one operates in. Baltic business practices in relation to risk management differ from those in the Nordic countries – there is a tendency to rely on a positive outcome and ignore possible negative consequences. His advice was: get yourself prepared, adopt best business and social responsibility practices.

A lively question and answer period in a panel discussion format followed talks from the three distinguished speakers.

The conference and a panel discussion were moderated by Bill Schaub, the RBS EMBA Director and faculty member teaching Risk Management and Organizational Behavior.

Admission was free for AmCham members and RBS students and alumni. More than sixty people attended.