Innovation. Agility. Calculated Risk-Taking
In the face of rapidly changing circumstances, increased demands and emerging opportunities, organizations are regularly being called upon to take chances in order to be more nimble and responsive. This can take us out of our comfort zone, as the prospect of failure and reputational consequences loom large. At the same time, taking no risk virtually guarantees that our organizations will stagnate and miss important opportunities. A risk culture, anchored on a clear and constructive risk appetite, is critical to help organizations navigate these challenges.
The Chief Risk Officer, senior leadership and the board play a key role in providing the organization with a license to take risk. But what role does Internal Audit play? Do they help or hinder the development of a healthy risk culture? Is Internal Audit’s risk appetite aligned?