Ten years ago nine out of ten CFOs I was consulting to would tell me their CEO was too busy to meet to discuss the risk program under development. The CFO was tasked with the job and we should just get on with it. Today it is less likely to be a problem to meet with the CEO on risk, however, getting to the Board still seems to have its challenges for many risk professionals. My experience is that “risk appetite” is one of the best tools to engage the Board. This is how you can make it work:
First and foremost a risk statement is a conversation between the risk owner and any stakeholders that have or should have an interest in the risk. It is also a record of your analysis, a baseline for initial and ongoing risk reporting and a to-do-list for the risk owner to monitor.
If your risk statement fulfils its role as a conversation between the risk owner and st
As a risk workshop facilitator I get to assist many organisations assess risk to their key organisational objectives. Interestingly the outcomes are not always about risk treatments, often they are about reviewing risk appetite.
Situation One:
The results of the risk workshop show that three of five key strategic objectives have Extreme risk ratings. This may be due to one of two scenarios: Either you are an organisation that is on the edge of the cliff OR your risk criteria are simply wrong.
The GlobalRisk Community is a thriving community of risk managers and associated service providers. Our purpose is to foster business, networking and educational explorations among members. Our goal is to be the worlds premier Risk forum and contribute to better understanding of the complex world of risk.
For companies wanting to create a greater visibility for their products and services among their prospects in the Risk market: Send your business partnership request by filling in the form here!
