Risk leaders are already taking steps towards making the vision a reality, and a common path forward is starting to emerge.
Laying foundations fit for the future
First, leaders are creating foundations that are fit for purpose, which are an essential precursor to digitalisation:
Governance
Coordinate activity across a growing set of 2LOD functions to develop single ONFR view.
Culture
Develop positive risk culture, balancing risk and reward.
Skills
Upskill team by adding digital & business skills to existing risk base
Framework & tools
Balance simplicity with flexibility and consistency. Find sweet spot where frameworks & tools are easy to use but are robust enough to manage risk appropriately
Digital core
Then they are building a new digital core for risk to match the digitalisation taking place in the business, embedding data-driven risk management of core business at speed and at scale
New capabilities and insights
And finally, they are creating new risk capabilities and new risk insights:
Outside in
Expand the scope of data collected from ecosystem and environment.
Change
Increase resources and capabilities in change management.
Emerging risk
Improve sight of emerging risks and ability to respond rapidly.
See the whole
Have a balanced prioritisation based on whole impact, particularly reputation.
Connect the dots
Break down the barriers and develop a single view of risk to the business.
Download the full report for free to learn more about the pathway to success and to discover ORX's vision for the future of ONFR.
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Steve Bishop
Research and Information Director, ORX
Roland Kennett
Client Success Director, ORX
Helen L’Abbate
Deputy Director - Research & Information, ORX
