CIM Talking Point with a difference

The second CIM Talking Point Programme for 2011, ‘Risk management and its relevance to marketing’ ended reiterating the importance of understanding a marketeers role in risk management by defining the types of risk, why do we need to abdicate a risk and how to reclaim it through the Risk Management Process.

The programme was held on April 27 at Galle Face Hotel, presented by Chevron Lubricants Lanka PLC Sales and Marketing General Manager Bertram Paul. He holds a MBA from the Postgraduate Institute of Management of the University of Sri Jayewardenepura, is a Fellow of the Chartered Institute of Marketing UK, an Associate Member of CIMA - UK and a Chartered Marketeer. The programme was sponsored exclusively by HSBC and organized by the Chartered Institute of Marketing Sri Lanka Region.

CIM Sri Lanka Region Chairperson Chithrangani Herath Gunaratne said that the topic was selected with the aim of educating future marketeers on how to avoid a risk and before it takes place and how to take precautionary measures.

Bertram Paul, highlighted several important theories, taking the audience through an informative case study of how the investment bank Morgan Stanley, who was known as the largest tenant of the Twin Towers during 9/11 had only 3,700 employees in the offices of WTC, and during 9/11 how they managed to save the lives of 3,694 employees, through the measures it took to manage the risk.

He highlighted the aspects on how marketeers are called to manage some of the biggest risks faced by companies such as the loss of business (customers) to competitors, the uncertainty associated with launching new products, the uncertainty associated with exploring new markets, handling of reputation management and ensuring profitable growth. His final key remarks were to identify risk before it occurs by looking at those who make things happen, those who watch things happen and those who wonder what happened.

To reclaim the risk he introduced the triple bottom line orientation, to be applied to the Identification and assessment of risk, practice ‘Hard Edged Marketing and Marketeers being financially savvy’. He also stressed the fact the marketeers need not make financial accounts but the need to interpret financial statements.

Thereby, marketeers can avoid marketing budget cuts and will be able to justify their budgets and Benchmark marketing as a key drive which brings in cash flow to the company. Overall to use market research and market intelligence to assess the ground situation before making decisions or committing to action, to take time to identify worst case scenarios and learn from past situations,