Generating value within the Risk Ecosystem
Risk powers performance
Disruption and volatility are impacting today’s business climate. Chief Risk Officers and risk executives function in a Risk Ecosystem, where addressing strategic and tactical risks can lead to significant opportunities and value generation. Which roles do they play, and what impact do they have?
Turning risk into a performance lever
By understanding risk more precisely at every level of the organisation, businesses can exploit these new market dynamics and create a distinct advantage, turning risk into a value proposition.
This publication provides a framework to address the issues, trends and questions CROs and other risk professionals may encounter within their eco-system.
Key questions for risk leaders
CRO and enterprise risk strategy
- Do we need to transform our strategic risk management capabilities? Do we have the right risk culture in our organisation?
- What types of disruptions are we likely to face? What threats or opportunities do these disruptions pose?
- How quickly could we recover when faced with a crisis situation?
- Do we have effective risk monitoring in place at all levels? Are we prepared for any external or internal risks that require a quick response?
Board and C-suite
- How can we break the cycles of over-compliance and non-compliance?
- Is our organisation setup to monitor and manage risks cross-functionally? Are we effectively tracking meaningful key performance indicators?
- Do we effectively communicate the need for change and the risk of not changing?
- Do we have an accountability framework in place to address the most relevant risks?
- Do our performance evaluation and reward systems encourage appropriate risk appetite and risk control?
- Do we have the right level of organisational readiness to collaborate across the business?
- Do we understand our critical data and application and how they are protected?
- Has our organisation completed a comprehensive third-party risk assessment and, if so, what are the most significant risks we are facing?
- How can we proactively identify, assess, prioritise and manage risks across the whole organisation?
- Do you have the structure in place to trust your subsidiaries?
Corporate culture and behaviour
- Are we open to and allowing innovation?
- Does our culture nurture the right level of risk taking?
- What is our level of risk intelligence?
- How do we move from policies to principles?
- Have we implemented risk awareness effectively?
- How might external uncertainties disrupt your organisation?
- What are the key trends and uncertainties that will shape the future of our industry? What risk will they present to us?
- Do we have the right relationships with our external stakeholders to ensure early awareness of potential risks?
For more information contact Jeroen Jansen, Evert van der Steen or Mark van Rijn.