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Corporate Risk Assessment Aiding in Lifestyle Betterment!

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The Three Lines of Defence for Corporate and Enterprise Software

A Complete Overview in Relation to Bettering One's Life

 

Intro.: My dad always traveled for work and I never understood what he did until I could comprehend words like governance, risk and compliance. It was pretty evident that his understanding of large operating systems was beyond me. As I grew older I started to contemplate if I could do what he does for a living; or even for fun. I took some courses in IT (information technology) in my first year of college and started learning about big data. But my call in life was more towards marketing in combination with IT. That didn't mean that I didn't appreciate his work, and in fact, it paid off in massive dividends to listen to his conference calls about things like Ad Hoc and larger compliance issues.

Thankfully, if he asked me what I'd learned while listening to his tech savvy phone calls, I could say that I understand a lot now! Because life itself is always in need of risk assessment. With what I learned, I created a groundbreaking new way to relate the business world to health and wellness lifestyle goals. This blog is for healing and practical purposes of holistic health...

Ps. Thanks dad, you're one smart cookie!

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Part 1: In today's new age of business, technology and control, it’s important to have a diverse team of risk management specialists, auditors, compliance officers, and fraud investigators amongst many other control professionals who work together to help their company manage, mitigate and even prevent risk. Each proponent, to each job, requires a special outlook on how the operations should be run. Specific skills are needed in each area to protect from different types of risks, internal or external, physical or technological. This is where The Three Lines of Defence plays an important, if not the most important role to managing risk properly along with aligning towards your health and wellness goals in any life endeavor.

 

Part 1 in Relations Health and Wellness:

"Looking at this in relation to health and wellness, or rehabilitations for example, you would notice that business and technology have risks just like lifestyle betterment goals do. For example, in your wellness journey you're looking to minimize the rate of reoccurrence/relapse and maximize quality of life. In technology you're looking to minimize the risks of product failure, or other failures that would lead to catastrophic—or death like scenarios—for the company or individual; whatever way you want to look at it. You're also looking to maximize profitability and access to a better systematic approach for overall quality assurances. Who doesn't want a better life, system, or fail-proof way to go about business/life? That's exactly where the Three Lines of Defence will cover your back. Remember that there are different levels of supervision, by different trained professionals and/or tools, software, and compliance regulations for quality assurance of software or your wellness goals!

Each role has a different outlook and requires different ways the operation should be run. If you're going to relate corporate risk management to a betterment or rehabilitation setting, you'd take the same approaches. For example, you would need a different type of doctor to treat mental health than you would need for a physical ailment; preferably someone specializing in maintaining the patients health through the process and entertaining the possibilities of dual diagnosis just like multiple risks come up in any vulnerable technological setting. When it comes to reducing risk we would have especially equipped therapists or coaches in this field of health and wellness, just like someone would be monitoring the product(s) and it's 'implementation' into society. Relatedly, like a therapist would for any sort of client; or product for enterprise solutions."

 

Part 2: The challenge with managing risk is that without a proper line of Defence there will always be gaps that you or any company will be at risk for. If each of the three lines—operational management, senior management, and ad hoc risks—are not identified and managed appropriately, without overlap, your company will be at risk with the possibility of damage to the point of no return; comparably to the outcomes of mismanaging your health. It’s important to assign specific roles to each level of Defence to control risk properly. But there must be clear cut responsibilities of each group so that the control professionals understand, stay within regulatory boundaries, and have the ability to adapt to any change in climate or disruptive innovation to come along. This compares to binge indulgences you may encounter with your health that are out of the ordinary to maintain peak wellness for you internal and external system, as well. Note that this is to make sure the organizations functional needs are fit and met for benefit, and there isn't a loss of control. Wouldn't you want your company and it's systems--internal or external--running full steam ahead just like you'd want your body and mind at full health?

 

Part 2 in Relations Health and Wellness:

It's important to note that with any health or wellness goal there is going to be gaps in life that we need to address. The "Three Lines of Defence" are a universal protocol for avoiding catastrophic events, like software failure, or company misalignment. It could also be catasrophic to our lives if we don't implement risk assessment and risk mitigation protocols,  just like product failure and disaster recovery. Everyone needs a continuity plan! These specific roles that will be put into place in our every day living are  having lifestyle sponsors, coaches, and mentors to hold everyone accountable. But, most of all you must hold yourself accountable with a positive and proactive mindset by implementing proper lifestyle management. Any good businessman or woman would make project management plans and get it reviewed by their senior executives! Lastly, don't forget to get rid of any negative distractions. Remember to keep your eye on the prize. And that's your life! #worthit

courtesy of QAP Advice & Audit

Understanding: Without understanding of each of The Three Lines of Defence operating within given boundaries things for the company or organization can get problematic. There must be a cohesive bond between each of The Three Lines of Defence to limit risk and control resources so that deployment of risk management operations will be effectively implemented. Significant risks. must be identified appropriately and managed with extreme care.

This is why The Three Lines of Defence model gives companies efficient, effective, and reliant ways to enhance communications between regulatory divisions on risk management and keeps risk under control. The Three Lines of Defence create many positive outcomes that company benefit from. One of these benefitsthat the Three Lines of Defence bring are a fresh outlook in each level of operation and perspectives of different types of operations by bringing designated officers trained specifically for each task, therefor minimizing risk. It’s appropriate for any organization regardless of type, size, or diversity in operations. The Three Lines of Defence will enhance clarity among the most difficult of risk problems, creating a smooth operating system in your business, today.  

Comprehension in Relations Health and Wellness:

One of the most crucial parts to risk, as well as health, is having that fresh outlook in order to completely change your old ways of thinking and execute a complete lifestyle change. In order to maintain maximum health you must change your old negative behaviors into ones that will avoid risk and keep you—and your software—healthy and clean. For example, this sentence is most crucial, "One needs a fresh outlook at each level of life and throughout each different type of operations by utilizing designated officers--known as mentors--trained specifically for each task, to minimize risk and maximize life." 

You need support in your life. You learn through those you know have been successful. You gravitate to those people you wish to become. And awareness of that is the key to a healthy lifestyle journey. Just like implementing fail-proof software with the right adherences in place! There's always going to be risk but the back-up plans and support systems you have in place will lead you into your next billion dollar business and that business is priceless. It's called your life. So go be the healthiest you that you can be through the Three Lines of Defence of Life! 

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  • Andrew on

    Great read! As a finance major, a great deal of my studies are dedicated to the assessment or risk. There are four ways a business can approach risk; assumption, mitigation, transfer, or avoidance. It is obviously the most beneficial to avoid undertaking any unnecessary risk, but in the business world it is nearly impossible to completely forego risk altogether. Therefore, next to avoidance, risk mitigation techniques tend to be the main focus of organizations. These techniques amount to a company assuming the least amount of risk as possible to maximize profitability, innovation, and overall growth.

    Of the four approaches to risk, I believe these two directly relate to recovery. It is always best to completely avoid the chance for relapse (unnecessary risk) wherever possible. However, as you and I both know, it is impossible to entirely relinquish these risks. Hence, the majority of our efforts are put into mitigation techniques, mainly learning to deal with the pressures of reintegrating into what is seemingly everyday life for most people, but an eternal battle for others.

    I personally feel that the strongest relation between successful risk mitigation methods and success in recovery stems from the implementation of internal controls. In the report to the nations made by the Association of Certified Fraud Examiners, businesses that were most often the victims of white-collar crime were those who were unsuccessful in employing proper internal controls. Similarly, in terms of recovery, utilizing internal controls is of paramount importance. Instilling a system of checks and balances with our family, friends, sponsors, or support groups, can be crucial to the chances of being successful in recovery.

    Awesome article Brian! Truly great correlations between risk assessment and methods employed in recovery. Bravo sir
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