Companies need to entrench risk management: UK risk managers’ association

Despite being more aware about the risks they face, companies still need to work on embedding risk management into their organizations, the chair of the UK Association of Risk and Insurance Managers (AIRMIC) says.
“There are organisations that have properly embedded their risk management, but for many it remains an add-on process which is not completely embedded,” Nicola Harvey tells Lloyd’s.com.
The boards of most companies instinctively know their risk appetite and tolerance, but this is not often explicitly stated, according to Harvey.
If boards clearly articulated their risk appetite, it would enable the organization to make robust decisions more quickly, meeting the strategy and objectives of the company.