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Principles for the management of operational risk : - Risk Management Environment - Monitoring and Reporting - Control and Mitigation
Must strengthen risk management in telecom companies through the strong management, so there is a preventive and remedial action
---- This is done through the integration of several sections " As in the absence of the Department of Risk Management," including:
1 - credit control department: through the development of policies, good credit, must determined by reference to this section before the completion of any selling process, and the commitment to the ceilings time (the grace period) and cash ceilings (physical) of any client.
2 - Internal Audit Department: through the study and evaluation of all activities and projects and to provide preventive and curative proposals, and find gaps in the internal control system to shut all gaps, and are set up periodic reports to top administration include proposed recommendations, in order to develop good decisions.
* Risk departments must develop a system to increase the educate staff, and the identification of authority and responsibility of each employee clearly.
Risk management is important for every organization including telecom industry. Risk in organization has many aspects. Risk acceptence level is defined by board and then it is passed on to the lowest level. Hence to ensure that every division, department , person work within its autority and area, a strong, effective and efficient control may be in the form of audit is required.
Another aspect of risk is there is always a chance of losing business share. Hence to counter this risk there should be a product development department to offer new products according to market demands.
Further there should be a strong communication department and every employee should know about company policy and rules/regulations.
Not only telecom industry, but for any organization “strategic intent” towards “Risk and “Risk management” is very important. “Risk Appetite” has to be defined and agreed and embedding the culture to be flourished around that. Independence of “Risk Management unit” is pre-requisite to embed risk culture, also transparency need to be ensured. “Culture” is more of a behavioral context – and a “strong risk culture” can only be ensured where performance is evaluated based on “Risk” & “Reward”
Not to forget that “accountability” should never be compromised.
