Experts issue risk guidance
Report offers advice on managing risk to help companies make strategic progress
A team of experts have issued a report outlining their views on how company leaders should be implementing risk management strategies to better achieve their business objectives.
Choosing the right opportunities to work towards and mitigating the potential impact of identifiable challenges should be the basis of any risk appetite agenda, the Institute of Risk Management (IRM) maintains.
Refining policies in this context is crucial for any corproate strategy and plays a major part in overall business development, the institute suggests in a report backed by a range of other influential bodies, including the chartered institutes of both management accountants and internal auditors.
IRM said its guidance was drawn up in part because of the explicit requirement for board member to understand the nature and extent of the risks their organisations face under the terms of the UK Corporate Governance Code.
“We think we have managed to outline a process which should be proportionate to an organisation's risk management maturity, capability and culture and, most importantly, supported by appropriate data,” said the report’s main author and IRM deputy chairman Richard Anderson.
“Nevertheless, we do not think that this is the last word on the subject in such a fast-moving environment and we are extremely interested in receiving feedback on this work,” he added.
Anderson emphasised the importance that appropriate leadership on risk management can have as corporate boards aim for sustainable and long-term value creation. For not-for-profit organisations improved risk management “will result in better social outcomes,” he said.
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