Risk managers may begin the implementation of the selected risk governance model by documenting risk management roles and responsibilities. It is quite common to describe risk management roles and responsibilities… Continue reading Practical ideas: Include risk management roles and responsibilities into existing job descriptions, policies and procedures, committee charters
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Practical ideas: Select the risk governance model that best suits the current risk maturity level
The risk governance model depends on the management and shareholders’ expectations as well as on the risk manager’s competencies and on the resources available for risk management implementation. The risk… Continue reading Practical ideas: Select the risk governance model that best suits the current risk maturity level
Practical ideas: Find the right sponsors
A large part of risk management success depends on the support and commitment from executives, Board members and key stakeholders. It is important, as early as possible, to identify specific… Continue reading Practical ideas: Find the right sponsors
Practical ideas: Join forces with the managers responsible for other areas of performance improvement
Risk managers should build relationships and join forces with the other managers responsible for performance improvement initiatives, like lean management, quality, safety, environment, security or others. Risk managers should participate… Continue reading Practical ideas: Join forces with the managers responsible for other areas of performance improvement
Practical ideas: Reinforce the “no blame” culture
Risk managers should encourage employees to openly raise risk management related issues. This is possible by spending a considerable amount of time every day communicating with their colleagues and staying… Continue reading Practical ideas: Reinforce the “no blame” culture
Practical ideas: Promote risk management within and outside the company
Risk managers need to learn to be proud of their contribution to the overall success of the company. Once the company achieves positive results by managing certain risks to a… Continue reading Practical ideas: Promote risk management within and outside the company
Practical ideas: Consider establishing a Risk Management Committee at the management level or extend the mandate of the existing management committee
Most of the risk managers we have interviewed agreed that having a management level Risk Management Committee has a significant positive effect on the overall risk management culture. While the… Continue reading Practical ideas: Consider establishing a Risk Management Committee at the management level or extend the mandate of the existing management committee
Practical ideas: Include risk items on Board’s agenda
This next step is very important to reinforce strong risk culture within the organisation. There are various ways of including risk discussion on the Board’s agenda, however we believe that… Continue reading Practical ideas: Include risk items on Board’s agenda
Practical ideas: Document risk appetite for different types of decisions
Most organisations have already documented their appetite for different common decisions or business objectives. Segregation of duties, financing and deal limits, procurement criteria, investment criteria, zero tolerance to fraud or… Continue reading Practical ideas: Document risk appetite for different types of decisions
Practical ideas: Develop a high-level Risk Management Policy
It is generally considered a good idea to document an organisation’s attitude and commitment to risk management in a high-level document, such as a Risk Management Policy. The policy may… Continue reading Practical ideas: Develop a high-level Risk Management Policy
