Think of risk management as a service, not as a stand alone process

Risk managers have a unique competency to identify and analyse risks using advanced tools like scenario analysis, sensitivity analysis, decision trees and Monte-Carlo simulations. This toolset can significantly improve business decision making. And just like any other service or tool it needs to be marketed to the rest of the organisation.

Risk management needs to be seen as an internal service offering.

Risk managers need to make management aware and to promote its quantitative risk analysis and risk modelling services to the business. Risk managers should have a clearly documented value proposition for its services, including:

  • Documented methodology;
  • Estimation of time and company resources;
  • Expected benefits;
  • Reporting templates and examples.

 

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