How to Build a Risk Ownership Model
KEY CONSIDERATIONS TO ASSIGNING OWNERSHIP IN ENTERPRISE RISK MANAGEMENT
Every company must deal with risk, whether compliance-related, financial, legal, operational or otherwise.
Through risk assessment, companies have a competitive advantage over those unaware of their potential risk landscape. According to their severity and velocity, they can be one step ahead of emerging risks and allocate adequate funds, human resources, and technology for risks.
However, effectively evaluating and monitoring risk requires identifying the risks and determining the competent roles within the organization to mitigate them.
In this guide, we’ll show you how to build a risk ownership model within your business. We’ll cover:
- The different types of risk owners
- The challenges you may face in assigning risk
- The critical considerations for developing your ownership model
- And more!