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How? It's all about best practices


Best Practice is a concept that reinforces techniques, methods, processes, or incentives that are more effective at delivering a particular outcome than any other. It can also be defined as the most efficient and effective way of accomplishing a task, based on repeatable procedures that have proven themselves over time for large groups of people.

Implementing best practice risk management techniques has been successful, yet, not without significant barriers. For instance, most organizational departments and agencies operate within traditional organizational management hierarchy structures and implementing a risk management philosophy and culture may be difficult.

Yet proven risk management best practices do exist:

  • Risk management, is a mind-set. The organizations board and stakeholders must be conscious of its value and support its integration into their management and other strategic business practices.
  • Risk management is a dynamic process. How organizations are performing at managing risk must also be continuously monitored and improved. As the organizations business needs and risks change, enhanced processes for managing those risks are necessary to meet those needs.
  • Risk management must be adequately resourced. As organizational investments will be essential in training, developing processes, and related management systems, organizations must be committed to supporting these initiatives with the necessary resources.
  • Risk management and corporate ethics functions are related and must work together. For example, a written code of ethics is a mechanism to communicate the values of the organization and the related risks. Internal organizational ethics programs are viewed as a way to sensitize employees to ethical issues or risks affecting the organizations key values.

Let us help you implement risk management best practices so that you can:

  • Assess and measure where your organization can improve its risk management processes.
  • Compare and benchmark your organization's risk management return on investment.

Learn more about how LC RISQ can help you


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