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Inside Internal Controls

News and discussion on implementing risk management

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PwC does better on risk management

If you don’t focus on the achievement of objectives, but instead manage individual risks, how do you know whether you are likely to achieve them – or the possibility of exceeding them?

 

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Risk management in review

PwC’s latest Risk In Review study makes some very interesting points. It carries the title of “Managing risk from the front line” and I recommend downloading and reading it.

 

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When an acceptable level of risk is not acceptable

We are used to identifying a risk, analyzing the potential consequences and their likelihood, and then establishing a ‘risk level’. We evaluate whether the level of risk is acceptable or not, based on risk appetite, risk criteria, or the like. But is that sufficient?

 

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Managing risk means opening your eyes every day

On the surface, it is good news that the majority of Canadian CFOs are confident in their management of risk and believe that employees understand the risks to the organization. 72% feel that their strategy is aligned with their risk appetite. But, do the authors of the study understand what effective risk management entails?

 

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