What do organizations moving toward risk mastery think of their approach?

Risk
Risk (Photo credit: The Fayj)

I recently came across a study on Risk Management with some interesting results:

  • Almost 64% of Risk Masters (organizations moving toward risk mastery)  indicate that their risk management capabilities provide competitive advantage to “a great extent”.
  • Almost three in every four Risk Masters consider the risk organization critical to reducing operational, credit and market losses.
  • Risk Masters integrate risk management capabilities across the organization.
  • Risk Masters are more likely to concentrate risk management in the hands of a chief risk officer. This suggests that Risk Masters more readily acknowledge the importance of having a C-level risk executive as an influential part of top management.
  • Risk Masters from their peers is their commitment to creating and infusing an awareness of risk exposure and the means to mitigate risks – as well as more detailed tacit knowledge and training – across the corporate culture.
  • Risk Masters emphasize the importance of making risk management part of everyone’s daily responsibilities.

The chief risk officer for one global energy company concluded: “A high-quality and efficient risk management function is among the top strategic goals of the company, ranking second only to growth and profitability.”

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5 thoughts on “What do organizations moving toward risk mastery think of their approach?”

  1. Pingback: Peter Watson
  2. Thanks for this post. I’ve a challenge that I’m just now working on, and I’ve been at the look out for such information.

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