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Spring Journal

Volume 31, Issue 1

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Monday, 26 February 2018 15:52

Often-Overlooked Factors In Risk Management

Driving Down Risk, From the Cubicle to the C-Suite

Effective employee engagement and reporting is key to accountability and effective risk management. So why are we not paying more attention to how today’s workforce prefers to communicate?

We are entering an era in which seemingly every decision made by managers of fraud prevention, audit, security and ethics are reviewed not just by C-Suite leadership and board members, but also after-the-fact by regulators, stockholders and the public. In financial services, managers of risk from across the enterprise, as well as directors and board members, are finding the evolution from an emphasis on meeting compliance obligations to a longer-term focus on organizational values, ethics and culture to be challenging. Ensuring that you have unvarnished observations from every corner and level of the organization is key to ensuring that you can meet the expectations of both internal and external customers and stakeholders.

A core responsibility of senior leadership and the board of directors is ensuring communication channels for employee reporting of workplace concerns are both available and effective.

As a senior executive or board member, you are probably aware of information gaps and are concerned. You don’t want to learn about events in the headlines or when reporters begin calling you for comment. One way to ensure you learn what is really going on in your organization is to listen more effectively. Each and every staff member, contractor or vendor connected to your organization may possess vital clues that too often remain undiscovered until after the fact.