2010 GRC Wish List: #2 Collaborate!
John Kelly 270004J7VQ firstname.lastname@example.org | | 0 Comments | 254 Visits
Risk management should be viewed as a competency that is embedded in the organization. Coming in at #2 in the 2010 GRC Wish List however, “Better Collaboration with the Business” reflects the lack of understanding and poor communication that exists today between the risk function and business managers.
Surveys have shown that only 40 percent of respondents find the importance of risk management to be widely understood throughout the company, suggesting that more needs to be done to embed risk culture and risk thinking more deeply in the institution.
Incorporating risk management into everyday business processes will enable executives to focus on those elements of their risk activity that have the greatest positive impact on the organization.
Business managers can spend less time on assessments and more time on proactively managing risk and processes to meet company objectives.
Providing enhanced visibility into the risk landscape, integrated risk management empowers business managers to make smarter decisions that maximize value, reduce costs and balance risk with returns. When embedded into everyday processes at all levels of the organization, risk management will drive business performance.
Tags: 2010 GRC Wish List