Tasmanian Business Reporter June 2019

More documents

Recommendations

Info

8 Tasmanian Business Reporter - JUNE 2019 FOCUS ON BUSINESS College opts for choices By LEE WHITELEY University College Chief Executive Officer UNIVERSITY College is listening carefully to feedback and conversations about courses and delivery model. While the uptake of UC courses has been encouraging, we are constantly refining our offering and delivery model to meet the market demand. To date, UC has offered a portfolio of courses through a blended, or hybrid, delivery. This means that our students can study from their preferred location, through a combination of high-quality digital content, tutorials and face-to-face workshops. This model has been popular with a diverse group of students; however, we are also listening to feedback from students who have expressed their need for a campus experience. Many indicated their wish to engage in a vibrant campus-life, while undertaking full-time study on campus. In light of this feedback and the exciting opportunity that new campuses on the Cradle Coast and Launceston offer, the UC concluded that a full-time on-campus option for some specific courses is essential. We are now working to pilot a unique course offering, the new Associate Degree in Equipment Design and Technology. Even more exciting is a brand new dedicated space - the Original Equipment Manufacturing facility: a purpose-built space as an extension of the Cradle Coast Campus at Burnie that will enhance the delivery of this Many students are looking for a vibrant campus life while studying. new course. Informed by what the region is good at, this course will teach 2D/3D design skills, fabrication techniques, lean management and design thinking, incorporating simulation experiences to embed the learning. The new OEM facility will house equipment in a real-world industry setting, so that students can turn their designs into reality. Using a “real skills for real outcomes” approach, students will engage in a combination of practical handson activities within a higher education setting, ultimately gaining a relevant qualification that is designed to set students up for a promising career in a related industry. The Associate Degree in Equipment Design and Technology is under development. A process of approval and accreditation needs to be undertaken, however it is anticipated that the new course will be accredited in time for introduction in 2020. As part of this process, we are interested in further building on the industry intelligence already collected through consultation and conversations with key stakeholders and industry partners. After 39 years in industry, I know that the combination of the Associate Degree in Equipment Design and Technology and the new OEM facility will be a game-changer - for students and for industry - supporting a different way of learning to achieve very different outcomes. At University College we recognise that not everyone learns in the same way. This means we need to think about different ways to engage, and a different way to teach. Teaching needn’t be constrained to the classroom or lecture theatre, instead it can be much more stimulating; engaging students through a suite of learning experiences – from virtual reality to simulation, to making things with both old-fashioned hand tools and cutting-edge robotics. APPLY NOW! TERM 3 starts July 22 Study an Associate Degree and advance your career Whether you’re looking to up-skill, need a formal qualification to take the next step in your career or trying to break into a new industry, UC has the right Associate degree for you. Our courses offer full-time and part-time options, so you can find the right balance between work, life and study. Your path to progress starts with a single step. Visit our website or call 1800 788 244 to speak with a course advisor. utas.edu.au/college
Tasmanian Business Reporter - JUNE 2019 9 FOCUS ON BUSINESS Six steps to managing risk By ARASH RASHIDIAN ...strategic risks are almost exclusively the domain of senior management. A NUMBER of studies over the past decade or so have shown that mismanaging strategic risks is the top factor responsible for destroying shareholder value. Risks can emanate from many areas including organisational culture and capability, brand, reputation, large transactions, corporate structure and ownership, quality of board and executive governance and focus of leadership. So how should enterprises go about strategic risk assessment and apply it to their decision-making? 1. Hold the CEO and executive team accountable for changing the risk/reward balance at a sensible frequency — rarely longer than six-monthly. 2. Make time to set out the most pertinent and recent internal and external events, drivers of performance, sector health and organisational (people) strengths and weaknesses. 3. Find a process to glean insight independently and without bias from the executive and the board on scenarios that concern them the most. Build scenarios with plausible likelihoods of realisation and clear material implications. Encourage board members and management to lift their gaze from issues that are preoccupying them this quarter. 4. Stress-test scenarios to resolve which are most significant and generating uncertainty. 5. Consider current mitigating factors that may or may not include internal controls, whether there is an adverse, stable or positive trend with time for the scenario, and the limit of your appetite for that risk scenario. 6. There are three alternatives: • accept the risk and do nothing more. There is no practical or commercially sensible response to the scenario and it becomes a volatile feature of the strategy; • do nothing more yet. Accept the risk is real and warrants action, but that there is uncertainty of an optimal response. Research an optimal response and execute; or • do something now. The scenario as represented is currently unacceptable without further mitigation, so act now. Unlike operational risk, strategic risks are almost exclusively the domain of senior management. Only senior managers and directors are experienced enough to have reliable insight into these risks – and only their judgement can be relied upon for a commercially sensible and pragmatic response. Strategic risks are often interdependent and require an integrated approach. Effective strategic risk management involves integrating risk management into executive and board decision making. Experience suggests that identifying and responding to strategic risks is an advanced managerial set that requires practice. Executives and directors need to hone it over time. An ability to properly frame and negotiate risk appetite among the board towards new strategy – and aligning that appetite with the executive – is a challenge requiring perseverance and a willingness to negotiate and compromise. But it can require readiness to change tack when circumstances change. Strategic risk profiles have a shelf life which in most sectors is shortening all the time. Arash Rashidian GA- ICD is a principal with Lighthouse Advisory and an AICD facilitator. This article first appeared in the May issue of AICD’s Company Director magazine. OUR MEMBERSHIP OPENS DOORS Join more than 43,000 experienced directors and senior leaders by becoming a member of the Australian Institute of Company Directors. Membership provides you with exclusive access to our Business Centre and Member Lounges in Sydney, Melbourne, Canberra, Adelaide, Perth and Hobart CBDs, member-only events and a range of governance tools and resources. Take the next step in your career t: 1300 739 101 w: companydirectors.com.au/SWT 06460-26_18
Page 1 and 2: JUNE 2019 T A S M A N I A’ S L E
Page 3 and 4: T A S M A N I A’ S L E A D I N G
Page 5 and 6: Tasmanian Business Reporter - JUNE
Page 7: Tasmanian Business Reporter - JUNE
Page 11 and 12: Tasmanian Business Reporter - JUNE

Tasmanian Business Reporter June 2019

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template ?