risk management reporting

as you’ll see in the upcoming sections, there are a lot of organization and individual-specific factors that go into effective risk reporting. a true value-add risk report will provide real-time insights and perspectives on risks to objectives. for example, risk reporting for the board will be more “big picture” and focus on risks to the organization achieving its objectives. executives like the ceo and others will have many of the same risk report requirements as the board.

a risk dashboard is one tool executives in more mature erm programs use to get the information they need to fulfill their responsibilities. the on-demand insights, opinions, and perspectives from the risk team is where the real value of erm can be realized. a key difference is this report is this: instead of using the report to develop or modify strategy, risk owners use information in their reports to plan and budget the day-to-day operations of the organization. understanding this about the users of risk reports is critical to ensuring the most helpful reports for facilitating further discussion on risks get produced.

the ideal is viewed by many (including regulators) as reporting directly to the board or a committee of the board. does the ceo understand how risk management can help him or her and their team succeed? or are they under pressure from the board and others to see risk management as helping to avoid failure? in fact, even when the cro does report to the ceo, he or she is usually not seen as a member of the top executive team and is rarely included in meetings of the elite group that runs the organization. does he or she have the right attitude about taking risk? does he or she have the respect of the rest of the organization — as a business rather than police person? when i wore more than one hat like this, i made sure it was clear where i reported for each responsibility.

if the cro’s primary purpose is to help management make the informed and intelligent decisions necessary for success (as i have argued here and in my books), then it seems to me the coo is a primary customer. that will help ensure that your interests are aligned, and you get his or her valuable support, including time and resources. the coo will have an incentive to make risk management as effective as possible when it comes to both strategic and tactical decisions. for example, some organizations might want him or her to report to the board (or a committee of the board) and the coo. this is how wikipedia describes the role: “the cso is an advisory and deal making role; both leader and doer, with the responsibility for formulating corporate strategy as well as ensuring that execution of the strategy supports the strategy elements. norman marks, cpa, crma is an evangelist for “better run business,” focusing on corporate governance, risk management, internal audit, enterprise performance, and the value of information. he is also a mentor to individuals and organizations around the world, the author of world-class risk management and publishes regularly on his own blog. join us as a subscriber.

a risk report imparts information about the company’s most pressing risks at the moment. typically it will address critical risks, where one of the big challenges in an organization’s enterprise risk management (erm) process is determining how to effectively and concisely communicate risk reports to the risk owners will focus on performance metrics, as well as provide the most up-to-date information on the assessment of all the, risk management reporting structure, risk management reporting structure, risk management reports examples, risk management report pdf, sample risk management report to board pdf.

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