Risk champions for effective ERM implementation

A champion has passion, knowledge and is a reference point for any novel project or initiative. Champions have self-drive, leadership, and away from the box thinking when it comes to projects they have passion.  A risk champion democratizes risk management throughout the organization by creating awareness about risk management practices and culture across the organization.

Just like a strategy champion helps create a strategy awareness for effective execution, a risk champion focuses on creating a strong risk culture. The role of a project champion is like that of a facilitator which focuses on creating awareness about for example risk culture,  policies and procedures, risk practices, and risk reporting, among others.  The objective is to deepen the risk culture of the organization. Risk culture is about having everybody incorporate risk management as part and partial of their day-to-day work. If you are in the procurement department, you must know the risks to which the organization could be exposed in any procurement. Once you get to understand that even your primary job has high-risk implications for the organization, then you have a cautious understanding of risk management. Risk management is an ongoing process. If all the staff know it and continuously ask themselves the question of what could go wrong in their daily work, the risk culture of your organization is said to be high or mature. It is the best way to manage risk.

The person that creates this awareness to ensure that everybody has a clear understanding is called a risk champion.

Do you want to create risk champions at your organization, contact Summit Consulting Ltd. Let’s support you in your journey to risk maturity?  We offer risk management outsourcing services. Whether you have an in-house department for risk management or have not yet set the department, we help work with you to conduct risk maturity assessment, to identify your current risk management levels, know the gaps against best practices given the nature of your organization and its sophistication, and make prioritized recommendations to close the gaps. Even more, we help in risk management policy documentation, awareness training, and board briefing on tops like “the role of the board in risk management and compliance.”

Copyright Mustapha B Mugisa, Mr Strategy 2021. All rights reserved

 

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