Risk Reporting The benefits of Risk Documentation
{"Image DocumentName": "Risk Reporting The benefits of Risk Documentation", "Image ImageDescription": "Inform different levels with different objectives. Allows risk manager to answer key questions. Provide a complete picture of entire organization\u2019s portfolio. for senior management. Valuable means for communication between remote parties to a project. Familiarisation \u2013 A record of Decision \u2013 Explains why a particular decision was taken . A knowledge Base \u2013 The knowledge gained form one project can help the efficient implementation of another. A framework for further analysis \u2013 Helps organisations understand better the information requirements for project management. There\u2019s no doubt that risk reporting is key to helping risk management add value to organisations. Stuart Fagg reports on how some companies are using it to their advantage It\u2019s a question every amateur philosopher has pondered: If a tree falls in the forest and no one is there to hear it, does it make a sound? Similarly, risk professionals may well have found themselves asking: If a risk is managed and no one is told, is it actually being managed? Of all the major developments in risk management in the past few years \u2013 enterprise risk management (ERM), the use of technology and the emergence of the chief risk officer to name a few \u2013 there is one element that brings it all together, and in many cases, stands between success and failure: risk reporting. Perhaps the most key application for risk reporting, in terms of risk professionals, is demonstrating the value that risk management can bring to an organisation and ensuring that those at the top understand and value risk. And with senior executives and boards increasingly looking to realise return on investment in risk, risk reporting is becoming increasingly important. However, the key, as with many activities in risk management, is to tailor risk reporting frameworks to the individual organisation. With many organisations looking to maintain a central risk executive \u2013 the chief risk officer \u2013 while empowering business units to manage their own risk, adapting risk reporting approaches can be difficult, particularly in organisations with diverse and complex operations.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}