Setting the standard

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15 March 2005

In the testing business environments of the emerging markets it is imperative for corporates to do their own due diligence and risk evaluation. Federico Forni explains how his company goes about ensuring that all risk equations are fully calculated.

Ask one hundred risk managers of the top S&P 500 companies to define their job and you will most likely hear one hundred different answers. As a commercial finance and risk manager within the services business at GE Oil & Gas headquartered in Florence, my shared view among GE peers is that risk management is all about being compliant. This means working toward executable solutions, striving to achieve operational excellence, and negotiating sound legal and commercial contractual obligations; while never compromising integrity – ethical behaviour, internal policies, or any laws and regulations.

Risk management at GE means relentlessly and passionately understanding and mitigating the multitude of potential risks. Our business has enjoyed accelerated growth in recent years. It is precisely when a business is growing strongly, that things can go terribly wrong. The list of corporate casualties in the early years of the new millennium clearly indicated inadequate risk...

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