Why do risk management implementations and functions often fail to deliver what is expected? And what causes senior management to feel that its investments in risk management systems are not delivering the expected returns? Many factors, potentially, are to blame, stemming from various parts of the organization and its systems. But most often, the culprits come down to a handful of common dysfunctions.
Ten key practices, in particular, are regularly neglected in organizations across industries and geographies, and in both large and small business settings. Successfully addressing these areas can help enhance the organization’s ability to deal with the uncertain future, improve decision-making, and increase the reliability of periodic forecasts. Accordingly, these measures will augment the “predictive power” of the organization, resulting in greater stakeholder confidence. Understanding the pitfalls, and recommending solutions to them, can provide a solid basis for helping to improve risk management in the organization. FOLLOW THE LINK
Via Ian-Edward Stafrace