Learning from others
In bigger organisations, different parts of the organisation can often face (or have experienced) similar risks. Conversations where risk information is shared can be mutually beneficial, helping both parties identify risks that would otherwise be overlooked. In the same way sharing of risks between different companies can be incredibly helpful. This could be done by speaking to companies who are happy to share, alternatively many companies publish information about their risks in the annual reports (sometimes called 10-K in the United States of America), and these are freely available on the internet.
Pros
- Obtain views from ‘other perspectives’
- Creates opportunities for sharing and creation of common solutions
- Supports the development of a fuller picture around a risk
Cons
- Can be time consuming to establish the right networks
- Must be integrated into internal formal processes to avoid duplication of effort
- If not properly managed there may be a risk that sensitive information could be exposed