Report Highlights the Value of Developing a Strong Operational Risk Committee
NEW YORK (February 23, 2015) — Risk committees have proven to be an effective tool for risk professionals to bridge the operational gap, understand more deeply the risks taken and educate key stakeholders throughout the organization about the entities’ risk strategy, tolerance and appetite – according to RIMS new executive report titled, “Exploring the Risk Committee Advantage.”
Based on interviews with practicing risk professionals from RIMS Board of Directors, the report defines the risk committee concept with insight on the types of committees and roles risk professionals can take during its implementation, facilitation and the communication of its findings. The report also highlights the value of developing a strong operational risk committee, while reviewing regulations and potential challenges.
“Breaking down the silos within an organization and getting everyone thinking about risk is a goal toward which many risk professionals aim,” said RIMS President Rick Roberts. “A risk committee is a sure-fire way to achieve this fundamental risk management objective.”
Contributors to the Executive Report included the following RIMS Board Directors:
- Gordon Adams, Chief Risk Officer, Tri-Marine International, Inc.;
- Gloria Brosius, Director, Risk Management and Insurance Programs, Farm Credit Council Services, Inc.;
- John Phelps, Director, Business Risk Solutions, Blue Cross and Blue Shield of Florida, Inc.;
- Rick Roberts, Director of Risk Management and Employee Benefits, Ensign-Bickford Industries, Inc.
The report is available in RIMS Risk Knowledge library at: www.RIMS.org/RiskKnowledge.