Risk Culture Building

MILE Community Portal
What do you consider as the key driver for building an effective Risk Culture in your company?
Discussion started by Horst Simon, on 1051 days ago
You need to be a member of this community before you can participate in this discussion
John Mulhall
In my view, I think one needs to introduce risk management early in the company lifescycle from the introductary stages. When risk management practices become the accepted as the norm, a culture soon follows.

In terms of drivers, I think the following is relevant when it comes to risk management.

a) Introduction and sponsorship of risk management practices from the very top down. A lower level sponsor will not suffice.

b) Having risk management tools as part of the business planning and project planning process (process flow analysis/risk register/etc).

c) Mandating risk management responsibilities into organisational structure addressing key financial risks (e.g. receivables) and non finanical risks (e.g. masterfile data management).

d) Have a web like reporting network on risk managment that captures the relevant risk management elements and deliveres them consolidated to senior management on a cyclical basis.

e) Risk Management function integrated as appropriate with other functions spreading expertise but reporting to a senior risk manager.

f) Proactive risk management education and training delivered by the risk function to staff spreading awareness and soliciting ideas for continious improvement on the business and risk management function.
1051 days ago