Integrating Risk Management through a Change Management Process

As organizations recognize the importance of integrated risk management (IRM), they are calling for more tools and methods to implement IRM processes. This report is designed to help companies tailor current thinking and best practices to their individual needs.

Document Highlights 

Integrated risk management (IRM) enhances a proactive climate of problem solving, communication and risk taking that is essential for the economic growth of an organization.

This report provides a change management framework that describes three strategic stages and a seven-step change process that can be a model for IRM. The three strategic steps—development, implementation and maintenance—can be further divided into a sequential set of steps. At each stage different roles need to be fulfilled. This report will assist organizations in selecting the appropriate individuals for these roles based on specific characteristics and behaviours.

The seven-step change process calls on organizations to:

1. assess their readiness for change;
2. select appropriate change sponsors;
3. develop and communication a vision, values and a change campaign;
4. plan, empower and implement broad-based changes;
5. use change agents to implement micro changes;
6. institutionalize a healthy risk culture; and,
7. monitor and measure the change process.