The Cyprus Association for Quality (member of OEB), continuing the efforts to provide information, training and networking services to its Members about new issues for affecting the businesses, organized a presentation on “Risk Management in Cypriot Enterprises”, which was held on Tuesday 9 May 2017.
Presentations were made by distinguished speakers, who focused on the theoretical and practical benefits of properly managing unwanted incidents that may occur in a business and generally endanger its business continuity both directly and in the long run.
Presentations were carried out by Mr. Stavros Ioakim, external partner of the Cyprus Organization for Standardization, who presented ISO 31000 for Risk Management and Mr. Alexander Mavratsas, Financial Controller of CTC Automotive, who presented the COSO Framework (Committee of Sponsoring Organizations of the Treadway Commission).
According to the President of the Cyprus Association for Quality Mr. Ioannides, “The need for businesses to systematicalize the concept of risk management and its interconnection with critical business processes and goals is a matter of survival rather than luxury”. The overall equation of risk management becomes even more difficult with the multiple new variables to be introduced, such as capital control, natural disasters, terrorist attacts, corruption, variables that have been totally unknown to date, drastically affecting the overall strategy of a business.
CyAQ believes that Cypriot businesses should incorporate and enhance quality and risk management culture in their day to day operations in order to continuously improve the products / services they offer and safeguard them from various internal or external risks of the business environment.
The presentations have been posted on the Association’s website www.quality.org.cy