Two new pieces are well worth reading.
Pursue opportunities. Navigate risks. Improve decision-making
Principles-based guidance to enhance risk governance, risk-taking, resilience and reporting
Note that the foreword to “Raising your game” is not written by a risk practitioner, a consultant, or “thought leader”, but by a business CEO and chairman. Sir James Wates tells us:
We live in an environment of ‘permacrisis’, with rapid technological changes and wide-scale geo-political volatility threatening to disrupt businesses of all types. Risk and internal audit professionals are now challenged to provide their boards with proportionate and strategic advice and assurances on how to navigate these stormy seas in the pursuit of their business aims.
Unfortunately, too often the focus is on avoiding risks rather than seizing opportunities, and the result is a box- ticking approach that is disconnected from strategy. Recent industry research shows that 80% of board members say risk and compliance teams need to do a better job of balancing downside risks and driving growth.
His wisdom echoes in the guide:
Risk management should not, however, be seen solely as a defensive mechanism to prevent failure – it should be recognised as a strategic enabler, supporting the success of the…
