EXPLORING THE INTERPLAY BETWEEN CORPORATE INNOVATION, RISK MANAGEMENT AND INTERNAL GOVERNANCE
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1 EXPLORING THE INTERPLAY BETWEEN CORPORATE INNOVATION, RISK MANAGEMENT AND INTERNAL GOVERNANCE Premal Bhima Actuarial Sciety 2017 Cnventin Octber 2017
2 Actuarial Sciety 2017 Cnventin Octber 2017
3 Actuarial Sciety 2017 Cnventin Octber 2017
4 Intrductin Innvatin Taking Risks Actuarial Sciety 2017 Cnventin Octber 2017
5 Methdlgy Qualitative, in-depth study based n face-t-face interviews Cnsumer Gds 7% Industry distributin Industrials 7% Senir Manager 21% Senirity distributin Chief 22% Technlgy 7% Telecmmunic atin 14% Financial Services 50% 5 Petrleum 15% Executive 57% Actuarial Sciety 2017 Cnventin Octber 2017
6 Innvatin Prcess Mdern innvatin prcess is nt an islated incident Learning prcess Prductive uncertainty Cmpetitive uncertainty Simplified innvatin prcess Stage-gate apprach Ideatin Implementatin Evaluatin 6 Actuarial Sciety 2017 Cnventin Octber 2017
7 Innvatin Prcess Lw perceived level f innvatin Medium perceived level f innvatin High perceived level f innvatin 7 Actuarial Sciety 2017 Cnventin Octber 2017
8 Innvatin Prcess Ideatin Implementatin Evaluatin Prspectin Ideatin surces Custmers Brainstrming wrkshps Market research Partnerships Prcesses 8 Actuarial Sciety 2017 Cnventin Octber 2017
9 Innvatin Prcess Ideatin Implementatin Evaluatin At the heart f the innvatin prcess Usually is mre expensive Emerging themes Apprval, mnitring, versight and sign-ff Stakehlder buy-in and cllabratin Risk management and gvernance Rigrus prcess 9 Impediments Actuarial Sciety 2017 Cnventin Octber 2017
10 Relative wrd cunt percentage Innvatin Prcess Ideatin Implementatin Evaluatin Essential t effectively mnitr and manage innvatin perfrmance Runs acrss the innvatin prcess with multiple decisin-making pints Critical cmpnent f risk management and gvernance 10 5% 4% 3% 2% 1% 0% Share f vice n Evaluatin 3.9% 4.0% 2.0% Lw Medium High Innvatin level Actuarial Sciety 2017 Cnventin Octber 2017
11 Innvatin Prcess Ideatin Implementatin Evaluatin Quantitative Returns Incme statement metrics Balance sheet metrics Market share and adptin General financial benefits Qualitative Stakehlder impact Learning Strategic alignment Scial implicatins Perceptin Safety 11 Actuarial Sciety 2017 Cnventin Octber 2017
12 Relative wrd cunt percentage Risk Management & Gvernance Risk is a central cmpnent f innvatin Althugh nt explicitly managed Crprate gvernance Managing risk and uncertainty Share f vice n Gvernance 10% 9% 8% 6% 6% 4% 4% 2% 0% Lw Medium High Innvatin level Types f decisin-making Decisin making Perceptin, 14% Data, 21% 12 Data-driven vs perceptin-driven Diverse skill sets Mixed, 64% Actuarial Sciety 2017 Cnventin Octber 2017
13 Risk Management & Gvernance Risk Cntrl Systems Prcedures and plicies Reprting Cmmittees Delegatin f Authrity Empwerment 13 Actuarial Sciety 2017 Cnventin Octber 2017
14 Risk Management & Gvernance Cnstrain and stifle innvatin Prevent duties being cmpleted Defence mechanism t divert blame fr nt getting wrk dne Drive value creatin Upside ptential f risk rather than nly fcussing n risk mitigatin Partnership with business 14 Negative Psitive Balanced Opprtunity t make innvatin a reality Best practices Balanced practices, as risks must be taken t be innvative Partnerships Encurage and better manage innvatin Actuarial Sciety 2017 Cnventin Octber 2017
15 Innvatin Challenges & Obstacles 15 Risk and Finance Knwledge/skill within the rganisatin Knwledge/skill utside the rganisatin Regulatins Excessive perceived risk Lack f apprpriate surces f finance Innvatin csts are t high Pay-ff perid f innvatin t lng Resistance t change in the rganisatin Lack f skilled persnnel Lack f infrmatin n technlgies and markets Organisatin s innvatin ptential t small Innvatin cst hard t cntrl Deficiencies in the availability f external technlgy Lack f pprtunities fr cperatin in ther firms and technlgical institutins N need t innvate due t earlier innvatins Innvatin is t easy t cpy Legislatins, nrms, regulatins, standards, and taxatin Lack f custmer respnsiveness t new prducts and prcesses Uncertainty in timing f innvatin Adapted frm Mhnen and Rller (2005) Actuarial Sciety 2017 Cnventin Octber 2017
16 Frequency Innvatin Challenges & Obstacles Impediments r Challenges t Innvatin 16 Actuarial Sciety 2017 Cnventin Octber 2017
17 Relative wrd cunt percentage Cntextual Attributes Culture Bureaucracy and risk aversin Share f vice n Culture Learning prcess 12% 10% 11% Dealing with failure Resistance t change 8% 6% 4% 5% 4% 2% 0% Lw Medium High Innvatin level 17 Actuarial Sciety 2017 Cnventin Octber 2017
18 Cntextual Attributes Structures Management structures Frmal cmmittees Specialised functins Accessibility t frums Infrmal scialisatin Organisatinal structures Hierarchical, flat, matrix Separate innvatin hubs 18 Actuarial Sciety 2017 Cnventin Octber 2017
19 Cntextual Attributes Resurces Spare capacity and rganisatinal slack Priritisatin f capacity Human capital Stakehlder thery vs Agency thery 50% 40% 30% 20% 10% 0% Spare capacity Innvatin Spare Capacity by Perceived Level f Innvativeness Yes N Yes N Yes Lw Medium High Cllabratin 19 Actuarial Sciety 2017 Cnventin Octber 2017
20 Innvatin Management Mdel Innvatin Prcess Ideatin surces Ideatin Implementatin Evaluatin 20 Actuarial Sciety 2017 Cnventin Octber 2017
21 Innvatin Management Mdel Innvatin Prcess Risk Management Ideatin surces Ideatin Implementatin Evaluatin Gvernance 21 Actuarial Sciety 2017 Cnventin Octber 2017
22 Innvatin Management Mdel Innvatin Prcess Risk Management Ideatin surces Ideatin Implementatin Evaluatin Gvernance 22 Actuarial Sciety 2017 Cnventin Octber 2017
23 Innvatin Management Mdel Innvatin Prcess Risk Management Ideatin surces Ideatin Implementatin Evaluatin Gvernance 23 Culture Quick decisin-making Empwerment Learning prcess Failing fast and recvering quickly Cntextual Attributes Structures Quick decisin-making Accessibility Empwerment Resurces Priritisatin Allcatin Strategic alignment Diversity Authr s wn Actuarial Sciety 2017 Cnventin Octber 2017
24 Questins? Actuarial Sciety 2017 Cnventin Octber 2017
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