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The Risk Intelligent Enterprise

Industry: Different industries, different approaches to risk

Different industries look at risk in entirely different ways. Here’s a selection of industry-specific resources for creating a Risk Intelligent organization. Click on each industry below to learn more.

 

Risk Intelligence skills: Do you have what it takes?

Deloitte’s book, Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise, identifies 10 “fatal flaws” of conventional risk management. Addressing these flaws involves 10 essential skills of risk intelligence — an unconventional way of thinking that sees risk management as integral to the pursuit, as well as the protection, of enterprise value. Click on each skill below to learn more.

 

Roles: Who does what?

In a Risk Intelligent organization, everyone has responsibility for managing risk. But different groups serve different roles. Here’s a closer look.

 

The Risk Intelligence Map™

A Risk Intelligent Enterprise™ recognizes the dual nature of risk and devotes sufficient resources both to risk taking for reward and to the protection of existing assets. The Risk Intelligence Map™ is a wall-sized poster that provides a unique view of the pervasive, evolving, and interconnected nature of risk that business leaders may face.

 

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A Risk Intelligent Enterprise™ focuses not solely on risk avoidance, but also on risk-taking as a means to value creation. Click on the framework above to learn how to implement an effective risk management program, and to access resources relevant to risk-related processes at every level.

By implementing the risk management capabilities referenced above, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a “Risk Intelligent" approach that incorporates a broad outlook on risk and integrates risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on such intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

A Risk Intelligent Enterprise™ focuses not solely on risk avoidance, but also on risk-taking as a means to value creation. This approach recognizes the need for an integrated risk management program that embeds capabilities throughout all levels of the organization. Click on the framework above to learn how to implement an effective risk management program, and to access resources relevant to risk at every level.

By implementing an effective risk management program, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a “Risk Intelligent” attitude that incorporates a broad outlook on risk and integrates   risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on such intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

By implementing an effective risk management program with an industry-specific approach, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a "Risk Intelligent" approach that incorporates a broad outlook on industry risks and integrates risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on industry intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

By implementing an effective risk management program that incorporates practical Risk Intelligence skills, a company can transform itself into a Risk Intelligent organization where:

  • Leaders take a "Risk Intelligent" approach that incorporates a broad outlook on risk and integrates risk-aware thinking into strategic decision-making.
  • The board executes fiduciary responsibilities to ensure that appropriate risk management controls and procedures are in place.
  • Capable processes, systems and trained people exist to act on such intelligence in a timely and coordinated manner.
  • A consistent approach is used across the organization to managing all classes of risk in an effective and efficient manner.

As used in this document, Deloitte means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, and Deloitte Tax LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

This tool helps leaders identify the various aspects of risk across the organization, including:

  • Governance
  • Strategy and planning
  • Operations/Infrastructure
  • Compliance
  • Reporting

It also serves as a guide to help personnel in all functions of an organization broaden their perspective on risk and improve their ability to execute their risk-related responsibilities. The Risk Intelligence Map™ should be used as part of an overall risk management program that is based on the nine fundamental principles of the Risk Intelligent Enterprise. These principles define and integrate risk-related responsibilities at every level of the organization, and address issues around governance, infrastructure, management, and ownership.

For more information on The Risk Intelligence Map tool, e-mail us at rimap@deloitte.com.

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