Risk Management – The biggest obstacle
The biggest obstacle is that risk management is often seen as a separate activity which needs specialist risk professionals in order to succeed.
Many organisations feel they cannot afford to do this. In fact most organisations do not have and will never have, a risk professional working for them.
We need to encourage organisations to see that everyone in the business owns and manages risk and in acknowledging that fact integrate risk management into their normal business management processes.
We already do this in many ways – such as delegated authority for payment sign off, procurement rules and project risk assessments.
Using technology such as indexing across structured and unstructured data within the organisation and then pairing that with cognitive analytics will unlock hidden assets within your business. Those assets will reveal valuable insights that will activate the ability for all people within the organisation to identify and manage risk.
A paradigm shift worth considering?