People who work in risk management and decision support roles play an essential role in GRC. They help the organization address uncertainty as it drives toward objectives.
By using rigorous and timeless techniques, opportunities and obstacles are more effectively addressed.
But risk management and decision support are needed at every level in the organization. Every department and team needs to manage the balance of risk and reward. Every department needs to make effective decisions using the best techniques.
So doing your job in risk and decision support includes helping your peers understand what you do, how you do it, and how to apply it in their departments.Get the Ultimate Guide to Risk & Decision Support
Modern risk management facilitates decision-making at all levels and in every area of the organization.
Goals of Risk & Decision Support
The goals of risk management include:
- Elevating decision-making
- Establishing effective frameworks
- Identifying risks
- Assessing risks
- Addressing risks
- Measuring and monitoring risks
- Serving as a center of excellence to help other departments
The role of Risk Management is more than just the "R" in GRC.
Roles in Risk & Decision Support
The people who lead risk management must be experts who manage assigned risk areas and serve as a center of excellence for other departments to help effectively address risks across the organization.
People in risk management often have titles such as:
- Risk Manager
- Risk Analyst
- Model Risk Specialist
- Risk Consultant
- Risk Control Consultant
- Business Risk Manager
- And More!
Other GRC disciplines play a role in Risk & Decision Support
Risk & Decision Support Everywhere
It is essential for people who are NOT in risk and decision support roles to understand the needs of their colleagues who ARE in risk and decision support roles.
At the same time, it is important for people in other roles to understand how to apply risk management and decision support concepts to their work.
This means that everyone should understand and apply the following:
- Risk management concepts and frameworks
- Decision-making concepts and frameworks
- Integrating risk and decision-making techniques into daily activities
Selected Risk & Decision Support Resources
Ultimate Guide to Risk & Decision Support
LeanGRC® Risk Assessments
World Class Risk Management
The Great Debate Part III: Risk Management Roles and Other Items of Interest
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