GETTING BUY-IN THROUGHOUT THE FIRM
Understanding and explaining the benefits of good risk management are probably the best ways to get buy-in throughout the firm. Because risk involves every activity in the firm from the strategic to the minutiae of operational activities, it needs to be embraced by everybody. It is the response of everybody in the firm which will make risk management effective.
Buy-in comes from communication, especially communicating what we do and why we are doing it. Good communication between the various support and control functions within the firm should:
- ■enable risk information to be transmitted effectively to aid risk decision-making
- ■help to identify and escalate risk issues
- ■provide greater transparency both for ...
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