Risk management should be embedded within the culture of the organization so that everyone is focused on managing and optimizing risk.
Risk management should be embedded within the culture of the organization so that every...
Risk management is not the responsibility of a single department
Senior management needs to set the tone at the top and clearly show the importance that risk management represent in their eyes. In their day to day business, companies are facing many different types of risks such as financial and IT related risks. Senior management knows that when understood and properly managed, risk can create business opportunities and deliver real value to their business.
Also, tougher expectations by regulators and other stakeholders mean that corporate and financial institutions should demonstrate better discipline, control and responsibility. Failure to keep on top of and comply with existing and emerging regulation could jeopardize reputations and livelihoods.
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