Understanding and Planning for the Corporate Risk Landscape
It’s all hands on deck inside the situation room at a major American retailer. A Category 5 hurricane is cutting up the Gulf of Mexico, and is projected to make landfall in the U.S. within hours. Real-time information flows into the room, and gets delivered to the group at the same time, serving as the catalyst for quick, coordinated decisions. Leaders from every responsible department are here, with clearly defined roles and a common goal: Mitigate risks to people and assets, predict business needs, maintain operational continuity and recover as quickly as possible. Think back to the last time your company mitigated an emerging risk. Did it resemble a well-oiled situation room, or was the experience a disjointed blur of actions? More importantly, is your company prepared to handle its next crisis? The average large enterprise mitigates multiple risks every year, borrowing elements from the situation room—realtime information flows into the company and is shared across a small group of stakeholders, who work together and are empowered to make quick decisions. Modern risk management is a highly collaborative exercise. Forward-thinking companies know that risk management cannot be confined to a single department or performed on an ad hoc basis inside operational silos—ownership of risk must be shared across the enterprise.
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