Why You Must Take A Strategic Approach To Risk Management
How many times must we learn the same lesson before we do something different? The world is a scary scary place to do business. There are risks all over the place from unseen hackers to known competitors to weather to regulatory changes to employee theft. The lesson is that every organization must take a comprehensive, top to bottom, strategic approach to risk management involving everyone in the organization.
RSM US LLP’s Sudhir Kondisetty argued just this point forcefully and elegantly at the “Best Practices in Risk Management” workshop at the CEO Connection Mid-Market CEO Convention this year. He drove home the importance of a strategic approach to risk management. As he puts it, “Managing risk can only be successful it it’s in every phase of your systems, policies and processes.”
Three ideas: 1) Take a strategic approach to risk management; 2) Clarify roles; 3) Act appropriately depending upon the threat.
[Read Full Article]