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The current financial turmoil highlights the dire consequences of inadequate risk management capability.
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On the other hand, Accenture research shows that a broadened, better integrated and aligned approach to risk management is not only a protection against risk, but also helps provide the competitive edge that enables high performance. Accenture helps clients overhaul their risk management capability and outlines steps to find the best strategic risk management model for your company.
In the past, risk management functions were a ”quick-fix” response to problems or regulatory requirements. However, recent casualties in the finance industry highlight the perils of this approach. In order to work, a risk management program needs to assess risk across an entire organization.
The groundbreaking Accenture High Performance Business research has identified a comprehensive approach to risk management as an indicator of high performance. It has found that leaders in the financial industry are twice as likely to have implemented advanced and integrated risk management processes and technologies over the last two years.
Companies are increasingly recognizing that a risk management program, incorporated into the strategy of a business, is a visionary tool that can help grow the company. It can build value by:
Modern risk management has gone beyond mitigation, compliance and control. Its strength comes from its link with the strategy of a company. By providing managers with a risk-reward equation for every decision, it helps them make better strategic decisions to increase shareholders returns—and move to a higher level of performance.
Risk management and strategy come together in three core areas:
March 3, 2009
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