In an article on the top ten risk-management stories, Shawn Moynihan highlights five risks you need to stay on top of:
- Cyber liability. Too many employees at all levels are not aware of their responsibilities regarding cyber liability and the more senior the employee, the greater the risk. Senior people failing to discharge their duel duties of care and to promote the success of the organisation could cost it millions; Moynihan even suggests they could face litigation from investors and regulators.
- The strength of your organisation’s risk culture. Every employee needs to be vigilant, all the time, off duty and on, wherever they are.
- Risks to your organisation’s property. Even in knowledge organisations, property is a significant investment that needs to be protected. Remember to include an engineering perspective when considering risks to property.
- New business risks. Keep a watchful eye open to spot new and emerging risks that could cause the organisation to lose earnings, money or reputation.
- Business-interruption triggers. Identify and clarify events that could cause the organisation to lose its ability to operate efficiently.
When was the last time you or your organisation’s risk management committees considered these five areas? How can you raise the awareness of risk management throughout the organisation? How can you take more initiative in identifying and managing risks and in strengthening your organisation’s risk culture? How can you better protect the organisation’s property (and therefore overall financial stability)?