Many organizations and government agencies have developed their compliance in the last couple of decades. They specifically focus on the company’s risk management models and policies. You must have experienced a good amount of pressure from your senior leadership and stakeholders regarding the status of compliance risks and operations. They ask you to assess the risk and communicate it with them as soon as possible to mitigate the risk timely and effectively. In a global corporation, it becomes crucial to incorporate effective teamwork to deal with risks before they damage a project. In his article for Finextra, Yahya Mohamed Mao talks about a risk intelligence culture and how it can help your firm implement effective risk management techniques.
Balance Innovation and Risks
Mao states, “A risk intelligence culture is characterized by aligning risk management with the organization’s strategy and promoting an integrated approach to risk management and insurance. A risk culture is the glue that combines all the elements of the risk management infrastructure, reflecting the common values, goals, practices, and strengthening mechanisms that incorporate risk into organizational decision-making and governance.” To understand it better, you should perceive it as a fine balance between innovative methods and risk management techniques. Such balance will keep your company experimental and pragmatic at the same time.
Implement Effective Supervising Techniques
Governance, risk, and compliance (GRC) usually focus on corporate governance, corporate risk management, and corporate compliance. You should focus on executing and incorporating them in your business with acute discipline and awareness of modern governance advancements. Many organizations have begun to use technology as a primary element to assess risk and resolve issues. Mao further states that once you involve new governance and compliance models such as ISO 31000 principles, they can guide you with effective internal and external risk audits.
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