9 Summary of Session 7
You were introduced to Session 7 by looking at the worldwide approach to legislation around reporting on corporate risk management. You will have recognised that much of the legislation was similar and, having evolved from large corporate failures, placed an emphasis on recording and reporting to ensure managers were aware of what was happening in the organisation. You were shown how this happened in Rolls-Royce as an example.
You then looked at communication within an organisation, in relation to risk management, considered some of the challenges, such as large matrix organisations, and looked at some of the solutions (e.g. RACI matrices).
You then considered risk reporting and looked at some best practice opportunities as well as some of the considerations to be taken into account when developing an approach to risk reporting. The session concluded by considering how systems can assist risk reporting and the human factors that are present in reporting activity.
The main learning points that have been covered in this session are:
- the roles of key stakeholders and their communication needs
- the relationship between programme, business and functional risks and how to communicate and consult between them all
- the impact of human factors on risk management.
Now move on to, the final session, focusing on risk specialisms.