The most creative thinkers may not be the best choices for high organizational rank — in fact; there is often a conflict between the intuitive leaps that underlie attractive risks and the meticulous attention to process necessary for a large organization to remain organized. An important function of a risk manager is to give permission to fail, which is the only way an organization can succeed.
The University of California has a unique risk management strategy: The Chief Risk Officer gives employees organization wide the tools to manage their own risks. Over the last six years, the program has saved the university more than $500 million.
Since 2006, many boards have appointed chief data officers to work closely with their chief risk officers to evolve the organization’s culture to a data-driven, risk management organization. Read these six steps to help your organization evolve to a successful data-driven organization.
Chris Skinner says that CROs have failed in their role of managing risk. But, he doesn’t believe CROs are at fault; “faulty models, ineffective risk systems and a complicated market are the culprits.”
Accenture surveyed nearly 400 firms from 10 industries across the globe to determine what changes will be made in 2012. Here, the authors boil the findings down to eight trends in technology, business strategy and risk management practices.
The development and implementation of an ERM program is a multiyear effort requiring significant commitment from the board and senior management. While the practice of ERM has evolved and matured significantly over the past seven years, critical challenges still need to be addressed. Read James Lam’s latest article, published in The RMA Journal, which puts forth seven preditions for the future of risk management.
Leader’s integrity tied to risk management culture
Combating blood money with big data
Why control may be contrary to compliance
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