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Risk Management – Value of Effective Risk Management
Most think of risk management as an insurance policy, the price paid to help prevent potentially negative outcomes. Such a view leads to the conclusion that risk management is a business expense with a highly subjective value proposition. Risk management, however, offers companies a great deal of value and StrategyDriven would suggest the insurance view is far too narrow. Instead, effective risk management enables a business to accelerate its operations and market entry, to become more aggressive, an approach that in today’s fast paced marketplace environment is immeasurably valuable.
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Maintaining compliance in today’s highly regulated, rule-driven marketplace requires diligent oversight of the organization’s core processes by the company’s staff. This oversight takes many forms from internal audits, self-assessments, management observations, and quality checkpoints embedded within the processes themselves. These points of oversight, however, may individually fall short from providing fully effective compliance risk assurance. Therefore, deliberate action should be taken to marry these assurance activities into a single cohesive program.
All enterprises face a unique set of risks that threatens long-term organizational success and viability. Like corporate level performance measures, it can be difficult to readily ‘see’ the day-to-day activities that initiate, amplify, or mitigate these risks. Mapping corporate risks to the line organization’s executable processes illuminates the risk related activities so they can be appropriately monitored and managed.
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