Want to assess how your risk program stacks up against the finest in the business?

A typical risk program includes several crucial elements. Different frameworks (such as COSO and ISO) have attempted to define standards for enterprise risk management. While these are helpful, they do not get into nuances that must be addressed while implementing risk management frameworks. Supplementing these theoretical frameworks with insights from successful practical applications at several leading organizations gives a better assessment methodology.

Need help figuring out where to start in identifying and managing key risks for your organization? Have specific concerns on risk topics like culture, crisis management, risk committee effectiveness, etc.?

Risk management is most effective when it matches the inherent nature and controllability of an organization's different types of risk. Each of an organization’s three typical risk categories — “preventable,” “strategic,” and “external”— has a different source, a different degree of controllability, and a different approach for identification, mitigation, and management.

Does your organization have the proper ownership and governance over key risks?

Having the proper accountability and governance for critical risks is essential for an effective risk management program.

A typical organization has an operating structure and reporting lines to provide clear roles and responsibilities across the three lines of defense for identifying, managing, and overseeing risks. The level of formality depends on the organization's maturity; however, some structure is necessary, even for smaller organizations such as start-ups.

Have an immediate need for a senior risk executive to step in to bridge the gap to something more permanent?

Sometimes, an organization may have concerns with the current risk environment but may need more resources to invest in a full-time risk leader/organization.

This situation requires a risk management professional who has worked in different environments so they can better understand and appreciate the nuances of clients. It requires someone who can hit the ground running to address urgent risk matters while at the same time start strengthening the foundation.