Mastering Risk Management

POLICY AND GOVERNANCE

Governance, including the firm’s policy, forms the cornerstone of business survival management. Without the right governance arrangements, the best plans in the world are useless.

Governance

Business survival concerns the whole business and threats to its existence. It therefore needs to be owned by all parts of the firm, with a central point of accountability sitting on the board. That director will sponsor the ‘project’ and be responsible for ensuring that adequate plans are in place and are regularly tested and reviewed.

When the crisis hits, you need a unified incident command and control unit, who respond, adapt and recover. Leadership in a crisis needs grounded individuals who possess humility, but not helplessness. ...