Innovation of Risk

The risk profession has not as yet really embraced the mobile device as an enabler or tool for improving risk management.  This is actually quite bizarre given that risk management is about managing risks and implementing controls to manage those risks.

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Innovation is expected and required for any business or function to grow and develop over time. The risk management function is no different, hence risk must embrace innovation.

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That has lead me to this idea on the innovation of risk. Essentially the concept is quite simple, provide every employee with one topic / business idea / risk and empower them to own the risk management outcomes.

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We all think that innovation begins with innovation itself, but that is incorrect. Innovation must begin with the single most important aspect of any part of business and that is accountability.

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I am going to list the things we have to do before the Innovation of Risk kicks the bucket! More precisely I am going to list the things that have to happen so that the Risk Manager can kick the bucket in his/her current form and shift to a new form entirely.

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