KUALA LUMPUR: Companies should consider appointing an executive voice of risk because their boards are unable to navigate the changing risk landscape effectively.
The executive will lead the risk agenda, help deliver the business model and drive business performance, according to a report by leading players in the business community.
The report, “Tomorrow’s Risk Leadership: Delivering Risk Resilience and Business Performance“, was produced by the Chartered Institute of Management Accountants (CIMA) and think tank Tomorrow’s Company, along with partners Airmic, IHG, Korn Ferry, PwC and Zurich.
CIMA, Regional Director of South East Asia and Australasia, Irene Teng said boards should take an integrated approach to risk in their organisations and consider introducing an executive voice of risk to drive business success.
“The report will help organisations transform their risk leadership and foster risk resilience,” she said in a statement today.
She said the risk leader would be at or close to board level and help boards to be more forward looking, enhance their decision-making capabilities and provide a corporate-wide view of risk.
“The risk leader should have a strategic skillset and broad business knowledge to spot early-warning indicators of the genesis of an atypical crisis event and enable a more rounded approach to risk,” she added. – Bernama