The Future of Corporate Risk Management: Part I - Redefining the Role of The Risk Management Department
Historically, the corporate risk management department has been based on the partnership engagement model in that the department was viewed as a partner that supplied ancillary services to the core business. Using the COVID 19 pandemic as a backdrop, we will explain why this model has become outdated and how corporate risk management departments can evolve in ways that contribute to the success of the organization.
This is the final article, in a three-article series, that discusses the risk financing guidelines set forth in the Standards Australia/Standard New Zealand Committee OB-007, Risk Management Handbook (“Standards Handbook”). This third article sets forth what is effective risk financing as identified in the Standards Handbook.
Lori Siwik and Mark Siwik are the founders of SandRun Risk. They apply the principles of vertical leadership and lean six sigma to the discipline of risk management. From time to time they share their blog with guest authors who write about important risk management principles.