36. Creating risk champions – Alex Sidorenko

An active network of “risk champions” is a very effective way to develop strong risk management culture. This network could become the “glue” between the risk management team and the rest of the business. “Risk champions” can be of three types: Official risk coordinators – employees, whose official duties include the coordination of risk management… Continue reading 36. Creating risk champions – Alex Sidorenko

Practical ideas: CREATE A NETWORK OF “RISK-CHAMPIONS”

An active network of “risk champions” is a very effective management tool used to develop strong risk management culture. This network could become the “glue” between the risk management team and the rest of the business or not…

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 governance model can be built based on the classical concept of three lines of defence: The 1st line of defence – Business units: executives, business… 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 people at different levels within the organisation who support the concept of risk-based management and are ready to assist the risk manager:

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 composition of the Risk Management Committee can vary from company to company, it should be sufficiently representative to ensure different points of view on risk… Continue reading Practical ideas: Consider establishing a Risk Management Committee at the management level or extend the mandate of the existing management committee

Are risk committees useful?

(extract from the Guide to effective risk management 3.0, read the full book for free: https://www.risk-academy.ru/en/download/risk-management-book) 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 composition of the Risk Management Committee can vary from… Continue reading Are risk committees useful?