This post first appeared on Risk Management Magazine. Read the original article.
In the latest edition of the Marsh and RIMS report Excellence in Risk Management India, a vast majority of respondents emphasized wanting to forge stronger ties between risk management and strategic planning. Indeed, about two-thirds said that integrating risk management into strategic planning was their top investment priority for 2020. The next two top priorities may help: “upgrading risk management technology” and “improving data analytics.” As risk professionals in India look to earn a seat at the table in enterprise-level conversations, making smart and timely investments in risk management technology may be a key differentiator in maturing risk management programs.
“Risk managers who are able to show data-driven reasoning behind their recommendations are more likely to be effective partners across the business and sought out by other departments,” the report noted. “At the same time, investing in more efficient technology can help automate some risk management tasks, potentially freeing time for risk managers to pursue more strategic issues.” Currently, the biggest performance gap in organizations’ risk management functions is implementing a formal enterprise risk management program, followed by “educating other (non-risk) employees on key risk management practices.”