Seeing is believing. A picture is worth a thousand words. Show me the money!
They may be timeworn clichés, but these phrases are still nuggets of wisdom for the risk practitioner when implementing or expanding an enterprise risk management (ERM) program.
Since risk is an abstract concept, one of the biggest challenges in ERM implementation is communicating effectively to staff at all levels of an organization so they can understand:
- What exactly risk is;
- The range of dangers and opportunities presented to the company by certain events and activities; and
- How controls can help manage those risks.
Some risks are relatively simple to understand, such as physical risk of loss from fire, flood, or collision. Other risks, such as those dealing with financial matters, specific businesses, or market risks may require more explanation and illustration.
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