A risk-based approach shouldn’t be specific to a single risk function, but rather applied across interspersed groups and silos within an organization. Approaching each process owner with the same plan can result in several different interpretations of what the problem is and what various process owners need to do next.
As risk managers reach out to the various departments in their organization, it’s best they speak the language of each respective silo. In principal, there are only five things that need to be communicated: 1) Governance, 2) Assess, 3) Mitigate, 4) Monitor, 5) Events.
Use our Risk-Based Translator to introduce a uniform way to talk about risk across your organization.