In a world where change is the only constant, there are newer and bigger risks emerging by the minute – identifying and managing them all calls for an all-hands- on-deck approach. Moreover, because of the pandemic, organizations have grasped just how imperative it is to be nimble and adapt, on the fly, to an ever-evolving business environment.
Across the planet, organizations are now incorporating ‘risk intelligence’ (the awareness of risk) into their internal culture by placing risk management front and center for everyone across the enterprise, not just those who job description includes risk management. Helping everyone across the organization understand risks helps decision-makers quickly take stock as well as steps to tackle every new threat.
Your own organization’s risk management should be aligned with your business strategy and help to define its risk appetite and tolerance. It is deemed to have a risk culture when your employees’ comprehension and management of risk empower them to always make the right risk-based decisions.
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