Risk Management Survey Results | Norman Marks on Governance, Risk Management, and Audit

I want to thank the 102 people who responded to my survey. The results are quite interesting.

First, there is an inherent bias in the responses. These are all people who are reading my posts and are therefore more likely (I believe) than the general population to agree with what I have been advocating.

Having said that, there is still a lot of room for improvement in practices.

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The 102 identified as:

• Board members – 4
• Management – 10
• Risk practitioner – 33
• Internal audit – 41
• Information security – 2
• Consultant – 6
• Compliance – 2
• Other – 4

When it came to assessing the maturity of their organization’s management of risk, the responses were:

• There is no formal risk management activity. We rely on individuals – 19
• It’s a compliance activity and doesn’t affect decision-making – 24
• Risk management is fully integrated with strategic planning – 10
• Risk management is fully integrated with strategic planning and tactical decision-making – 17
• Risk management is recognized as helping us make timely, informed, and intelligent decisions – 28
• Risk management provides us with a competitive advantage –…