Realizing the Rewards in Risk: How Integrated Risk Management Can Benefit Your Organization

Without a doubt, approaches to risk management are changing. Prompted by their own experiences as well as a series of well-publicized failures, many leading organizations are abandoning the traditional, fragmented approach to risk management.

Document Highlights

The increased focus on integrated risk management provided the impetus for the 1998 International Conference on Risk Management. Approximately 150 organizations from around the world gathered in Toronto to participate in discussions on emerging risk management tools and processes and to share best practices in integrated risk assessment, measurement and mitigation. The discussion and lessons from the conference are captured in this detailed conference proceedings.

Seven key lessons were highlighted:

1. Risk can be good and bad.
2. Integrated risk management enhances stakeholder value.
3. Risk management requires commitment and buy-in from senior management.
4. Effective risk management programs are designed centrally but implemented locally.
5. Communication is essential to integrated risk management.
6. Risk management programs generally include a risk framework, system and champion.
7. Risk measurement is one of the next frontiers of integrated risk management.