Risk management engulfs a lot of different risks and liabilities to consider and assess. It goes from the micro-economic situation of the company, its positioning, activities and processes, through the market in which she operates and her competitors, all the way towards the macro-economics and global geo-political situation.
To manage and report this complex and interrelated web, following compliance rules is good start because compliance reporting will be technically sound and, by definition, in compliance with the appropriate rules (think IFRS, Basel I II III, etc).
Let’s take an analogy from the Doctor House series. In the E.R. waiting room, a man suddenly starts screaming in agony and running around in circles. Doctor House’s team suggest many different tests to cover all possible causes, to which Doctor House happily agrees in that episode, just for the sake to avoid having to perform hospital hours. But right before his team runs out, he tells them to also remove the cockroach trapped in the ear of that patient.
Being a risk manager, you do not have to be as witty as the fictitious character of Doctor House. However, building up towards your upcoming reporting cycle, use compliance reporting as a solid support to additionally consider to:
Martin van Wunnik – http://be.linkedin.com/in/mvanwunnik- Independent Project Manager