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WHAT ARE THE SIGNS OF POOR RISK MANAGEMENT?
There are 5 common symptoms which could highlight to you that your approach to risk management could be improved:
1. Uncertainty – the organization struggles to collect the right, or enough information about its risks. Checks are too infrequent. The scope of information about the organizations risk is narrow.
2. Complexity – the organization is collecting enormous amounts of information about risk. Decision makers cannot interpret the information. Opportunities are overlooked.
3. Ambiguity – the organization is not able to formulate the correct questions in order to understand its risk. Additional information is useless because risk is not understood.
4. Equivocality – there are multiple interpretations of risk between individuals across the organization. Risk management is mutually exclusive or in conflict. A power struggle usually ensues between individuals with conflicting views and beliefs.
5. Silo mentality (larger organizations) – different business units resist communicating information about risks across the organization. This typically leads to a condition of both uncertainty and equivocality.
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