Risk Management for Marketing by CIM:

Spending every rupee to add value

Marketers are called to manage the biggest risks faced by Companies - the loss of business (customers) to competitors, and the uncertainty associated with launching new products or exploring new markets.

Advertising and promotional spend often ranks as one of the top expenditure items on a Company's profit and loss accounts and as a result marketers carry the responsibility of ensuring that every dollar and rupee spent adds to shareholder value, with the need to face the consequences of wasteful expenditure in terms of future budget cuts, products rendered uncompetitive, due to the high cost structure and or adverse impact on profitability. The discipline of risk management is often abdicated by marketers and left to other functions such as Finance or Audit Committees in organizations or indeed the Treasury function in Financial Institutions, giving rise to the very question of relevance of risk management to marketing.

The CIM Sri Lanka Region explores 'Risk Management' at the second CIM Talking Point Programme for 2011, scheduled to be held on Wednesday April 27 at Palm Lounge Galle Face Hotel Colombo.

The programme aims to highlight how 'Risk Management' could be reclaimed to its rightful place by marketers and will also look into the competencies and mindset required to managing risk to ensure marketing effectiveness.

While recognizing the existence of complex models of 'Risk Management', the programme will focus on simple and practical steps that marketers could follow to incorporate risk management as part of the organizational culture. The discussion will share real life examples from the speakers experience of managing enterprise risk, operational risk, project management risk and reputation risk.

The programme will be presented by Bertram Paul who holds an MBA from the Postgraduate Institute of Management of the University of Sri Jayewardenepura, a Fellow of the Chartered Institute of Marketing UK, an Associate Member of CIMA - UK and a Chartered Marketer. The programme is sponsored exclusively by HSBC and is organized by the Chartered Institute of Marketing Sri Lanka Region.

In order to enhance value created towards its membership and encourage its members to avail themselves of these valuable programmes, CIM Sri Lanka Region has made the CIM Talking Point series free for the first 50 Chartered Marketers who register for the programme.

Further, a discount of 50 percent is offered to its members.

The Chartered Institute of Marketing Sri Lanka Region organizes many versatile events catering to the varying needs of its members, thereby adding value to its membership and contributing towards the excellence in the marketing profession of Sri Lanka.

The CIM Talking Point series has been initiated as a part of the Continuous Professional Development (CPD) programme which enables the members of the Institute to further their professional careers. Further information is available on the website www.cim.lk.