Assess and monitor alignment throughout the project – between the board and their risk appetite, the management and their expectations, and the risks and their KRIs.
Acknowledge the management’s perspective on risk and team with them.
Use practical risk language rather than technical terms.
Think out of the box. Choose what’s best for your company. Step back, look, think, and evaluate the big picture.
Be creative, proactive, and flexible. Each company or business unit in your organization will have a different perspective on risk management.
Be a leader not a manager. Engage people in the risk management process. Communicate the value-add, issues, and challenges as early as possible and to the appropriate people.
Demonstrate the result by providing the board and management with deliverable and progress reports at each stage.
Be efficient and effective by utilizing in-house resources. Capital Guidance used the internal audit team to spearhead the risk management implementation.