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 marketer’s 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 Wednesday 27 April 2011 at Galle Face Hotel, presented by  Bertram Paul - General Manager Sales and Marketing of Chevron Lubricants Lanka Plc. 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 Marketer. The Programme was sponsored exclusively by HSBC — the world’s local bank, and organised by the Chartered Institute of Marketing Sri Lanka Region.

Giving an introduction to the Programme Chitrangani Herat Gunaratne, Chairperson of CIM Sri Lanka Region, mentioned that the topic was selected with the aim of educating future marketers on how to avoid a risk 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 3694 employees, through the measures it took to manage the risk.

He highlighted the aspects of how Marketers 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.

In order to reclaim the risk he introduced the Triple bottom line orientation, to be applied to the Identification & assessment of risk, practice “Hard edged Marketing and Marketers being financially savvy”.  He also stressed the fact that marketers need not make financial accounts but  needed to interpret financial statements. Thereby, marketers 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 & 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.

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

The Chartered Institute of Marketing Sri Lanka Region organises 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.