Risk Management

Make a Risk Community That Can Withstand Any Crisis

Do you have a risk community that has the back of all involved? Most organizations are busy resolving conflicts among risk management teams, professionals, and boards. More than issues at hand, the disagreements are on expertise, data, and capabilities. However, you need a strong risk community to survive the aftermath of the coronavirus pandemic. In this article at Risk Magazine, Neil Hodge discusses how you can make a self-sufficient risk community that can withstand any crisis.

A Self-Contained Risk Community

Not only do the senior leaders ignore risk professionals, they do not know how their cross-industry insights can help mitigate issues. They could help set up the organization’s risk tolerance level and establish popular frameworks that the risk community can follow. It will allow the risk teams to have access to critical resources and stakeholders to fast-track the process. Corporate Culture chair John Drummond insists that risk managers should know each committee member’s interests to leverage them at the right moment. Here’s how you can build a post-COVID risk community:

Get Rid Of Traditional Formats

Experts think that the risk relationship between managers and executives is too formal for the post-crisis business. Instead of following instructions, risk managers should ask business leaders about their risk goals. That will enable you to set your plans for the team and align more with the strategic objectives.

Be More Visible

Managers pay attention to the risk teams at the tail end of the project. With barely any time left to deliver the product, you do not get the time to create a stable plan. Risk teams keep on mitigating the same issues for all projects, but nobody cares to voice that. If you want to be more productive, stand up for your team. Rope in the key stakeholders and create a good risk community. Make it a collective effort rather than a last-minute checkup.

Align with Strategy

You must know strategies well to understand why an activity is a risk for the project. Keep a tab on the objectives the team is striving to achieve through the project. Revisit the plan regularly instead of running a template in every project. Raise questions instead of feeling discouraged for not having things in place when an emergency strikes.

To view the original article in full, visit the following link: http://www.rmmagazine.com/2020/10/01/building-strong-risk-committee-relationships/

Indrani Roy

Indrani Roy is currently working as a Content Specialist for CAI Info India. She has knowledge in writing blogs, product descriptions, brand information, and coming up with new marketing concepts. Indrani has also transcribed, subtitled, edited, and proofread various Hollywood movies, TV series, documentaries, etc., and performed audio fidelity checks. She started her career by articulating a knowledge base for an IT client, and, eventually, went on to create user manuals and generate content for a software dashboard. Writing being one of her passions, reading books is naturally her favorite pastime. When not lost in the world of letters, she is a foodie, movie buff, and a theater critic.

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