Rapid change seems to be the order of the day, as the speed and complexity of business continue to increase. Technological advances such as cloud computing, mobile devices and social media continue to take hold. Regulatory demands continue to expand. Workforce dynamics continue to evolve. These and numerous other trends spawn new risks, altering risk profiles and exposing business models to disruptive change. Because of this dynamic environment, enterprise risk management should provide the discipline to ensure a fresh look at the organization’s risk management capabilities from time to time.
The following are 10 questions for management and boards to consider:
These 10 questions can provide a framework for taking a fresh look at the risk management process given changes in the business environment. The answers may provide insight on how the company can measure the success of its risk management capabilities.
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Jim DeLoach has over 35 years of experience and is a member of Protiviti's Solutions Leadership Team. With a focus on helping organizations respond to government mandates, shareholder demands and a changing business environment in a cost-effective and sustainable manner, Jim assists companies in integrating risk and risk management with strategy setting and performance management. Jim has been appointed to the NACD Directorship 100 list from 2012 to 2016.