Risk committees have proven to be an effective tool for risk professionals to bridge the operational gap, understand more deeply the risks taken and educate key stakeholders throughout the organization about the entities’ risk strategy, tolerance and appetite: according to RIMS’ new executive report ‘Exploring the Risk Committee Advantage.’
Based on interviews with practicing risk professionals from RIMS Board of Directors, the report defines the risk committee concept with insight on the types of committees and roles risk professionals can take during its implementation, facilitation and the communication of its findings. The report also highlights the value of developing a strong operational risk committee, while reviewing regulations and potential challenges.
“Breaking down the silos within an organization and getting everyone thinking about risk is a goal toward which many risk professionals aim,” said RIMS President Rick Roberts. “A risk committee is a sure-fire way to achieve this fundamental risk management objective.”
The report is available in RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge (login required).