Excellence in Risk Management X – Delivering Strategic Value Through Risk Management
The 2013 Excellence in Risk Management survey, produced by Marsh and RIMS, gathered the views of more than 1,200 risk professionals worldwide.
Risk managers, in order to play more of a strategic role, need to ’connect the dots’ in their organizations and understand how priorities are set and how action steps are determined at upper levels of leadership.
Senior executives and risk professionals are more aligned than ever on their views of the role that risk management should play in strategic planning. However, the strategic value that risk professionals can deliver may not be fully tapped.
The 2013 Excellence in Risk Management survey gathered the views of more than 1,200 risk professionals worldwide, top executives, and others. A majority – 52% of c-Suite executives and 47% of risk professionals agreed that the top reason why risk management is included in strategic planning and executive activities is to identify and assess risks arising from the strategic plan.
Additionally, 46% of c-Suite and 40% of risk professional respondents agree that the function should provide strategic risk input to the strategic planning process.
Despite the clear role for risk management, however, only 15% of the risk professionals and 20% of the c-Suite respondents said the risk manager is a full member of the strategic planning and/or execution teams, suggesting that risk management has yet to be fully integrated strategically.