Risk management enhancement
There is scope for risk management scenario and the following are some of the methods suggested:
Bringing increased awareness of risks: Improving the awareness of risk and risk management, having a well-documented system, communicating the risk management plan and a continual review would bring all round development
Reporting: Risk Reporting should be more robust to enable stakeholders to have a good view
Specialised departments: Creating specialised departments ensures better monitoring, control and formalisation
Senior management involvement: Greater care of senior management through frequent reviews would enhance management of risks.
Risk alignment: Risk processes must be integrated with not only business functions but also with strategic planning