Risk Roundtables : Risk Management of the Future Part 1

My team and I had the opportunity in participating in a Risk Roundtable Discussion (actual risk roundtable abbreviation not disclosed) recently.

What was really apparent from the 2 1/2 days session was :

• the fact that in a large organization such as this the management of risks is decentralized evidenced by expertise in financial risk, project risk, supply chain risk, plant and facilities risk etc. It is not only the management, it is also the framework, design, approach and implementation that to me seems inconsistent with one another. There were some commonalities, but the actual implementation varies.
• the levels of integration between risks and defining exactly what needs integration seems the proverbial challenge in risk management in this organization
• the focus of the roundtable was to think of what the roundtable could spearhead in progressing risk management in this organization and concluded in the following areas : risk integration, risk capability building, risk governance and risk information infrastructure
• which brings to mind given all of the above, what does enterprise-wide risk management stand for and the value proposition of enterprise-wide risk management

The risk management of the future for this organization has to take into consideration the current developments in risk management across companies and businesses, identify what would be the elements of enterprise risk management and therefore its value proposition and repeat this like a mantra. I know I am talking in circles here, but I know what it takes and what it is, question is, do you?