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Building a Risk Management Culture

July 27, 2012 | Comments: 0 | Views: 271

Culture is the single most defining factor in any organization, not only to effectively implement any number of important corporate strategies, but in order to achieve an overall health and success for the business as a whole. This applies to such subjects as corporate governance matters of all kinds, at the core of which is the need for a solid risk strategies to help assess and monitor any and all threats that may arise. To develop a thorough risk management program companies will need to follow five simple rules to root out and identify those areas of their organization which require improvement, tweaking the culture as they deem necessary.


To begin with those in charge will need to define what exactly it is they want their company's culture to look like, how they want it to serve them, and in what ways it should be tailored to address matters of risk management and compliance. This will take a certain amount of research, planning and foresight. For starters, a picture will need to be drawn up of what the company's should ideally look like.


Next companies will need to make a close inspection of their culture as it currently stands in order to determine how best to address the need changes and decide what those modifications are to be. This may include taking a careful look at the successful cultures held by other organizations and making a comparison by which to conclude what areas will need work.


Once a list of the necessary changes have been determined, next companies will need to begin planning how best to begin implementing the necessary changes in compliance. This will require those working to make these changes to come to a thorough understanding of the company and its many parts, as well as figuring out how these changes will affect these various factions of the organization and how they will need to be applied in order to be most efficient and effective.


Next, companies will have to identify where the holes lie in their own corporate culture, what areas require the most work in order to match the cultural vision. Here companies will also need to assess how these changes that are to be made will affect not only themselves, but their stakeholders and other such groups as well, and how these programs and changes will need to be customized to meet the needs of these parties.

5.Fill in the Gaps

Finally, once each of these steps has been carefully executed, the last stage of the process will be the application of those changes deemed necessary to the modification of the company's culture. Next all the necessary parties will need to become involved, from assembling a team to oversee the whole process to getting the executives and board of directors involved to act as spokesmen to the cause. Perhaps most importantly, training methods will need to be put in place to provide all of a company's employees with the necessary information to ensure that these systems are successful

"Corporate Compliance Insights is a knowledge-sharing forum designed to educate and encourage informed interaction within the corporate compliance, governance and risk community. Additionally CCI offers an events calendar, professional company directory, leadership library and compliance jobs board. Visit"

Source: EzineArticles
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