Ventiv Resource Library
Issue link: https://ventiv.uberflip.com/i/273382
Communication improvement Business leaders know that a dynamic RMIS can deliver data on all areas of risk. The various nuances of the data gathered from a RMIS can shape meaningful communication among risk managers, process owners, board-level executives, operational managers and individual employees, as well as among external stakeholders. Effective communication surrounding risk management findings is the missing link for many businesses. Simply gathering and collating risk information is not enough—the entire organization must be made aware of these findings and motivated to adapt to emerging risks. Consistent and persuasive communication is the foundation for addressing, mitigating and monitoring risks, in both the short and long term. Increased awareness In the 2012 survey, respondents were asked to identify the most important drivers for improving risk management information in the organization. Economic volatility was ranked fourth, external compliance with regulators was fifth, better communication regarding risk was sixth and improved organizational safety was seventh. These drivers underscore awareness that in today's uncertain economic environment—subject to sudden and unexpected crises—businesses must be vigilant and prepared to respond. In this ongoing volatile environment, many risk managers are stressing the importance of managing risk at all levels of the organization. More boards of directors are supporting enterprise risk management (ERM) initiatives; they realize that to avoid catastrophe, risk must be more effectively controlled. Increased awareness of risk—including hazard, operational, strategic and financial—resonates on every level of the organization. This risk awareness message can best be articulated when business leaders are prepared to communicate their risk positions; therefore, collecting, analyzing, integrating, tracking and communicating risk information throughout the organization is essential. These complex tasks can best be accomplished with the help of an effective RMIS, which will provide each business area with the tools it needs to measure and monitor risk. 20 Global Risk Technology Survey 2012 Aon Risk Solutions | Aon eSolutions 10 7 10 8