Hands up! Who's responsible for risk management: Get up to speed*

Many companies are spending big bucks on risk management only to see it fail. So how can you maximise the effectiveness of your investment and build a business in which risk management is integral to everything your employees do?

This paper focuses on how organisations can maximise the effectiveness of their investment in risk management so that risk management becomes a part of the daily activities of everyone in the organisation.		 Being smart about the risks you take

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How can you ensure that risk management is part of the daily activities of everyone in your organisation?


1
Spell out the responsibility, authority and accountability of every individual in the organisation.

Focus on personal accountability
2
Get the managers of your business units to assess the maturity of their risk processes, rectify any flaws and sign off on the risks they’ve assumed.
Hold your business units accountable
3
Show your business unit managers that you’re serious about risk management by regularly reviewing key risks, rewarding those who manage risks well and punishing those who don’t.

Lead from the front
4
Reposition your risk management function to do the job it’s supposed to be doing i.e., providing information, advice and assurance.

Re-focus your risk management function