Embedding Risk Management Through Training 

Embedding Risk Management Through Training 

risk management training embed

During the Solvency II implementation phase and up to the launch 1st January 2016 European Insurers spent millions of pounds on risk management, making sure that the minimum requirements were achieved. There is no doubt that the tone is set at the top, that the board embraces risk management.

Go Beyond The Minimum Get Return On Investment
A step down, the risk managers are well aware of their duties and spend their time making sure that risk registers are up-to-date and that reports reach the board. This is all very well for fulfilling the minimum requirements, but doing the minimum is not enough to make risk management a competitive advantage and to get return on investment.

Create A Risk Management Culture
Risk management can add real value when embedded into the organisation and forms part of the culture. Creation of a more risk focused culture for the organisation will lead to:

- Improved focus and perspective on risk and business development
- Efficient use of resources, improved business efficiencies
- Effective coordination of regulatory and compliance matters
- Standardised risk reporting
- Improved communications

Following the 2008 financial crisis research has shown that businesses with mature risk culture outperformed those with less developed risk culture. In a business with a well developed risk culture, people in all areas of the business make risk choices and decisions on a day to day basis. The tone at the top attitude towards risk needs to drip down throughout the organisation and should not just sit, or stop, at risk management functional level.

Enhance Culture With Training
A key step to develop the risk culture is to train personnel at all levels, managers, staff and other stakeholders. The training should cover a wide range of topics with the aim to achieve a greater understanding of all risk related issues.

We have developed an interesting range of risk management training and health checks to help you embed risk management and make it part of the day-to-day running of your organisation.

For a
training program to suit your needs and to add value to your teams’ knowledge, contact us now.

For more information and if you would like to talk to a Risk Management Advisor please give us a call or message us.

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