Where to Build In Risk Approaches
Time to put risk to work to fatten your bottom line. Integrate risk management into all aspects of your company. Three of the most important areas in which to integrate are your governance,your organization, and your culture.
Governance is basically the “ensurance” mechanism in risk management. It comprises the “checks and balances” that review the measurements, mitigation methods, and risk monitoring results over a period of time. It also ensures that risk is aligned to the core objectives of the firm and that risk management implementation is appropriately balanced—trading off costs and impacts.
Someone must keep an eye on your risk management programs and status. Realistically, ...