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How to understand the new paradigm of risk management

Dr Petrus Choy

 

The concept of risk should be viewed in a holistic context offering both negative and positive outcomes

The vibrancy, flexibility and adaptability of local enterprises have helped Hong Kong storm out from wave after wave of economic turbulence over the past decades. Yet, from my over 25 years' experience in management in various sectors, as well as in related consultancy roles, teaching and research, enterprises with such experiences do not necessarily mean that they can handle risk well. Many local enterprises are still quite conservative, if not outdated, in their risk management approach. To survive keen competition due to globalisation, specialisation and technological advancement, local enterprises need to embrace a new paradigm of risk management.