Five questions on cultivating a Risk Intelligent culture
Even though many organizations have spent years developing and implementing risk management frameworks, policies, procedures and sophisticated technologies, some of them are still experiencing significant, unexpected problems far more often than they would like. On any given week, a glance at the business headlines offers ample reason for concern. So what’s missing? For many, the infrastructure is in place — but the culture is weak. And no matter how good the risk infrastructure, risk management is essentially a people issue, because people take responsibility for managing risk. Smart organizations have developed a culture of Risk Intelligence to gain the edge.
So what should business leaders who are looking to shore up their organization’s risk culture have in mind as they move ahead? Below, we ask Deloitte Consulting LLP’s Eddie Barrett and Deloitte & Touche LLP's Scott Baret, some important questions for getting started. Then, Michael Fuchs, principal, Deloitte Consulting LLP and Consulting Leader for Governance, Risk and Compliance, lends his perspective on the expanding role of Human Resources (HR) in managing risk.
This Risk Angle answers the following questions
- What does it mean to have a Risk Intelligent culture?
- Who is responsible for an organization’s risk culture?
- What are the main things companies can do to improve or strengthen risk culture?
- Changing culture is a big undertaking. Where does it make sense to start?
- We already have a risk management function in place, along with other controls. Is evaluating our risk culture really worth the effort?
It also takes a closer look at the expanding role of HR in managing risk