8 Risk management roles and responsibilities Alex Sidorenko

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In this video, Alex Sidorenko from Risk Academy discusses the importance of clearly documenting risk management roles and responsibilities within an organization. He presents two options for doing this: Option A, in which a dedicated document is created by the risk manager to include roles and responsibilities for board members, the Audit Committee, the CEO, and other managers; and Option B, in which elements of risk are added to existing job descriptions, committee charters, policies, and procedures. He personally prefers Option B as it allows for better integration of risk management into the overall culture of the organization. He also suggests advanced steps such as including risk management roles and responsibilities in individual KPI systems, remuneration systems, and motivational structures to further strengthen the risk management culture. • Key insights • 📝 The roles and responsibilities of risk management should be clearly defined and communicated to all relevant stakeholders in order to build a culture of risk management within the organization. • 💡 Integrating risk management into the culture of an organization requires documenting roles and responsibilities related to risk in various aspects, such as the individual KPI system, reward system, and motivational structure. • Clear and well-documented roles and responsibilities for risk management are essential for building a culture of risk management within an organization. • 1. 00:00 💡 Clear and well-educated documentation of risk management roles and responsibilities is crucial for building a culture of risk management within an organization. • 2. 00:41 📝 Risk management documents typically include roles and responsibilities for managing risks. • 3. 01:24 👥 Various roles within an organization are responsible for risk management, including audit committee board members, CEO, senior managers, executive directors, middle managers, internal auditors, and the chief. • 4. 01:36 💡 Option A and Option B are alternatives to the time-consuming process of creating new job descriptions, as they involve adding elements of risk management to existing descriptions and documents. • 5. 02:46 📝 Integrating risk management into the culture requires documenting roles and responsibilities, as well as incorporating them into individual KPI systems, reward systems, and the motivational structure of the organization. • • Join this channel as a member for new videos, RAW workshops or online courses / @riskacademy • Read more risk management articles at https://riskacademy.blog/ • Watch the best practical workshops and case studies from RISK AWARENESS WEEK https://riskacademy.vonza.com/ • DOWNLOAD our risk management book for free. Number 1 in Google search globally with 200000+ downloads https://www.researchgate.net/publicat... • Or check out online short courses on Udemy https://www.udemy.com/user/alexsidore... • Check out awesome risk management quantitative software https://www.archerirm.com/insight-ris... • Enhance your company's risk management practices and improve the quality of your board's decision making with our advanced risk governance course, which covers everything from traditional risk management elements to advanced risk oversight and includes practical case studies and additional resources to strengthen your board's oversight. https://courses.dcroi.org/courses/ale...

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