Organizational Integration
Embedding Risk Thinking
Effective risk management is crucial for organizations to thrive. As interconnected risks grow in frequency and impact due to globalization and digitization, effective risk management requires an interdisciplinary approach to create a framework for anticipating and managing risk across the entire organization. Firms with integrated data platforms and governance can anticipate risk faster and respond in a more collaborative fashion, with an enterprise-wide view of potential exposure.
Some companies have established risk management frameworks that involve the Board of Directors, the senior management team and functional departments, ensuring comprehensive risk oversight and end-to-end control. This ongoing and inclusive monitoring mechanism enables the quick identification of business risk events and the ability to promptly devise response plans and adjust strategies as needed.
