Communication is the key to risk management

Risk management – the art of keeping your organisation out of trouble – draws on experts from a wide variety of backgrounds. From mathematical modelling and software engineering to accounting, insurance and law, a risk specialist takes a holistic view of the organisation, considering potential threats from all possible sources.

What do all great risk management plans have in common? They all involve something that’s effectively cost-free and can save you millions. Communication. 

Whoever oversees the risk management of your organisation needs a direct line to the top tier of the organisation – ideally, in the form of a designated executive or board member. This is so important that it has become a requirement in international risk management standards. 

This accountable form of communication accomplishes two main things: it keeps the high-level risk management program visible (with access to resources and decision makers) and it helps communicate the importance of the risk management system to front-line staff. 

Communicating your risk management plan effectively within an organisation is crucial to its execution and effectiveness. 

While your organisation’s risk specialist needs to openly be able to communicate with executives and board members, they also need to be communicated to the organisation’s staff so that everyone works in accordance with the plan and in the best interests of the organisation. 

Communication around risk management is now, in many countries referred to as risk communication. A growth area, risk communication is fast becoming as important as the risk management plan itself. 

Similarly, many countries are implementing a new legislation that holds organisations accountable for the actions of the third parties they do business with.  This heightens the need for a system to manage these important relationships, and iPRO is the perfect fit. 

Verifying the compliance of your third-party contractors externally via the likes of iPRO is just one way to ensure you’re meeting best practice risk management.

iPRO offers an intelligent, transparent, real-time solution for compliance monitoring, verification and risk management. iPRO assists organisations in defining best practices for contractor management and identifying gaps in their current risk management.