In my next post later today, I’ll discuss Atkinson’s assessment of the people, process, and technology pieces necessary to cement the risk/performance management link. ###
“Ultimately,” Atkinson wrote in an e-mail exchange we conducted this week, “the purpose of integration is to allow companies to become more resilient to risk – to be able to identify and manage risk with confidence and clarity. By integrating risk management with performance, companies can begin to systematically link risk and reward, facilitate strategic decision-making, improve operations, and reduce the overall costs of doing business.”
I think Atkinson’s observation is spot-on coach outlet, and I asked him what this integration looks like inside an organization.
The importance of sophisticated risk management and GRC has reached an all-time high, but if these capabilities are going to become sustainable and integrated facets of corporate strategy, a link needs to be made.
That’s why Joe Atkinson, a principal with PricewaterhouseCoopers, is a vocal proponent of the need to wed risk management with performance management.
From there, “successful integration extends to the development of integrated performance metrics, linking key risk indicators to operational metrics that are essential to improving business performance,” Atkinson explains. “This often requires companies to mine existing but often disparate data from across the organization. The integration also extends to collaboration and accountability. Successful companies work to share risk and performance information and to avoid unnecessary organizational silos that prevent a true portfolio view of risk and performance.”
See “Linking Risk Management to Performance Management: Part 2.”
He believes that the integration of risk begins at the strategy-setting level atop the organization and a true understanding of where a company’s “leading sources of shareholder value creation and destruction” are.
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