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Inside Internal Controls

News and discussion on implementing risk management

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risk management process

Explaining risk management in plain English

I have been saying for a while that one of the reasons for the disconnect between senior executives and risk practitioners is the latter’s language.

 

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Should we take this risk?

Who takes risk? The correct answer is ‘everybody’; everybody who makes a decision and everybody who acts. Every decision and action creates or modifies risk and has the potential to influence the achievement of objectives. Whether it is deciding to go through with an acquisition or to hire this candidate instead of an alternative, risk is being taken.

 

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Cyber risk insurance: Driving the risk management process

Insurers and other insurance professionals have traditionally been well positioned to drive improvements in risk management processes. Cyber-security risk is a modern phenomenon which has arisen in the electronic information and internet age, and the insurance industry is demonstrating that it can play a key role both in educating and equipping public and private sector organisations to manage this emerging risk, and in providing insurance protection.

 

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