{"id":3317,"date":"2019-05-07T10:12:01","date_gmt":"2019-05-07T10:12:01","guid":{"rendered":"https:\/\/crigroup.com\/?post_type=blog&#038;p=3317"},"modified":"2022-01-11T09:13:03","modified_gmt":"2022-01-11T09:13:03","slug":"risk-management-improvement","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/risk-management-improvement\/","title":{"rendered":"Risk management and its continuous improvement"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Risk management requires continuous improvement. Without a company culture strongly aligned with principles of continuous improvement, organisations will struggle to implement, let alone maintain, successful risk management programs. This can be challenging in practice, as cultivating a risk management attitude within a company involves aligning risk initiatives with existing company values, policies and, to put it simply, convincing everyone involved that risk management is worthwhile. However, improving risk culture is possible, and, like many things, it becomes a lot easier when you have a process for it.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Such a process can be separated into three stages:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Cultural awareness<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cultural change<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cultural refinement<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Phase one: Building and strengthening cultural awareness<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">The first stage is building cultural awareness; this will take the form of communications, training, and general education initiatives within the organisation. Here is where companies set risk management expectations and objectives, define roles and responsibilities, and communicate all of these things with their employees. You shouldn\u2019t expect your employees to conform to your ideas about risk management without first taking the time to educate and inform them, whether through formal training or access to knowledge base material or similar.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Successfully building and strengthening cultural awareness about continuous improvement includes:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Establishing a common risk management vocabulary<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Making sure communications are consistent with said vocabulary and that everyone in the organisation has clear access to all relevant documents<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Being clear about risk management responsibilities and accountabilities.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Launching and maintaining training programs, providing training support and guidance where needed and as required by different roles and responsibilities within the organisation<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Making sure onboarding processes adequately cover risk management.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Making sure recruitment processes adequately cover risk management.<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Phase two: Changing the way the organisation operates<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Once a firm foundation of cultural awareness regarding continuous improvement has been established, it\u2019s time to start thinking about how to gradually change how the organisation operates to reflect these values. This phase begins by recognising and rewarding employees for paying attention to risk and responding to risk in a way that challenges the previously established (pre-continuous improvement) status quo. These motivational systems, rewarding and penalising behaviour according to the established ideals of continuous improvement outlined in the early planning stages, will result in the gradual but certain shift towards a proliferation of continuous improvement-conscious company culture. Another important element is recognising the talent that conforms with the desired vision of continuous improvement and capitalising on this alignment by placing them accordingly in relevant, optimised positions of responsibility or seniority. It\u2019s getting people in the right place to drive the right results.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some important considerations for this phase:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Utilising challenge as a motivator for driving cultural change<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Gamifying and quantifying risk performance metrics and rewarding\/penalising behaviour accordingly.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Considering risk management and continuous improvement culture in talent management approaches.<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Phase three: Optimising and refining the cultural ecosystem<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">The third and final stage of cultural adoption of continuous improvement occurs once the company culture has matured to the point of widespread adoption and desired values are already well-entrenched. At this point, the focus shifts to monitoring performance versus expectations and attempting to tweak and refine the system to further improve cultural adoption. The expectations can and will be influenced by a wide range of stakeholders, not just top management; employees, a board of directors, analysts, customers, investors \u2013 they all have a say in the definition of cultural expectations because these expectations should directly reflect the whole entity that is the organisation, made up of all its constituent stakeholder parts.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Steps taken during this phase might include:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Iterating feedback and observations from risk management into training, education, resources, and communications.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Making sure stakeholders are held responsible for their actions<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Make sure any risk performance metrics or quantifiers are adjusted to reflect risk strategy, goals, and objectives changes.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The capacity to redeploy and reassign individuals within an organisation according to desired risk culture goals<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Continually reflecting on and refining risk culture by continually changing business goals, objectives, and strategies.<\/span><\/li>\n<\/ul>\n<p>At CRI\u00ae\u00a0Group, we are committed to spreading the knowledge about the\u00a0<a href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\" target=\"_blank\" rel=\"noopener\">risk<\/a>,\u00a0<a href=\"https:\/\/crigroup.com\/ar\/compliance-solutions\/\" target=\"_blank\" rel=\"noopener\">compliance<\/a>\u00a0management and negative impact of fraud,\u00a0<a href=\"https:\/\/crigroup.com\/ar\/anti-bribery-solutions\/\" target=\"_blank\" rel=\"noopener\">bribery, and corruption<\/a>\u00a0to global businesses and promote transparent business relations across the world. As part of this effort, we want to present you our in-depth risk management and compliance insights \u2013 articles, whitepapers, eBooks, and other publications to help organisations overcome fraud, compliance, bribery, and corruption management challenges and tackle risks more effectively.<\/p>\n<p>Don\u2019t miss the opportunity to step up towards transparency and better protection for your business and your career \u2013 CRI\u00ae Group\u2019s risk management and compliance insights give you a chance to explore these topics in-depth.\u00a0If you are interested in our solutions, please click below to a free quote or\u00a0<a href=\"https:\/\/crigroup.com\/ar\/contact-us\/\" target=\"_blank\" rel=\"noopener\">contact us today<\/a>.<\/p>\n<p><a class=\"primary-btn\" href=\"https:\/\/crigroup.com\/ar\/get-a-quote\/\" target=\"_blank\" rel=\"noopener\">GET A FREE QUOTE<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Risk management requires continuous improvement. Without a company culture strongly aligned with principles of continuous improvement, organisations will struggle to implement, let alone maintain, successful risk management programs. This can be challenging in practice, as cultivating a risk management attitude within a company involves aligning risk initiatives with existing company values, policies and, to put [&hellip;]<\/p>","protected":false},"author":1,"featured_media":16639,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,24,21,12,146],"tags":[30],"class_list":["post-3317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-industries","category-all-regions","category-background-investigation","category-due-diligence","category-resources","tag-risk-management"],"gutentor_comment":1,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"Continuous improvement is another significant concept to understand for ISO 31000 Risk management. 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