Promote risk management within and outside the company

RISK-ACADEMY

Selling risk management to key stakeholders is not simple. Risk managers need to learn to be proud of their contribution to the overall success of the company. Any positive results achieved by managing certain risks to a high standard should trigger the risk manager to share this success both internally and externally. This can be done by presenting at various conferences and industry events or publishing small articles in relevant magazines or web publications. Here is a list of places where we normally publish our work:

• Official RISK-ACADEMY blog https://riskacademy.wordpress.com
• G31000 LinkedIn discussion forum https://www.linkedin.com/groups/1834592
• Corporate Compliance Insights www.corporatecomplianceinsights.com
• Continuity Central www.continuitycentral.com
• CERM ® RISK INSIGHTS http://insights.cermacademy.com/
• Insurance Thought Leadership http://insurancethoughtleadership.com/
• Company newsletters
• Company intranet portal
• Company public website

Sharing information about risk management will raise risk management awareness internally and reinforce trust and transparency with suppliers, contractors, key clients and regulators externally. Clearly this is only applicable to non-confidential, public information that does not include any trade secrets or other sensitive information.

A number of the risk managers we have interviewed suggested that sharing information about risks and their mitigation with banks, investors, insurance companies and suppliers can result in significant cost savings on finance (lower cost of financing), insurance costs (lower premiums) and the cost of goods.

Another good idea is to participate in annual risk management awards sessions, like the one organised by G31000 globally or by the Institute of Strategic Risk Analysis in Decision Making (ISAR) in Russia.

The best idea, however, is to use risk management to help one or some of the executives achieve their objectives and KPIs and let them promote risk management internally and externally. Noting beats a powerful spokesman to drive the risk management integration message.