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Down to risk business

Regulatory pressures have forced firms to think about risk like never before, but that far from means that risk-management strategies have improved. Julia Graham, director of risk at DLA, argues that firms need to think beyond regulatory compliance to embrace enterprise-wide, business-continuity management, a discipline that will enable firms to face their tangible and intangible risks.

5 November 2004

While there is a perception shared by many that the quality of risk management is improving, many of the improvements we are currently seeing are driven by regulatory pressure rather than a commercial desire to manage risk better. Indeed, with the wheels of risk faced by management spinning ever faster, it is perhaps that extra spin added by the demands of Sarbanes-Oxley that keeps our US cousins slightly behind the game when it comes to practising enterprise risk management?

Designing and implementing an enterprise risk-management framework

Lord Levene in his speech to the World Affairs Council in April 20041 spoke of the rising complexity of tangible and intangible risks faced by businesses, and the challenges he considered business must rise to meet these, as the new three Rs:

  1. Raise risk to the board room;
  2. Respond to a challenging risk environment;
  3. Return to strength and stability.

In a pr...

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