A study from the Chartered Institute of Internal Auditors revealed that weak risk management systems were responsible for more than half of all the fines handed out by the FSA to financial services businesses, amounting £38.5m during 2011.
If one needed a strong signal that ineffective risk management and poor internal control systems were taken seriously by the regulator, this is it.
Weaknesses and failures in risk management often result from poor communication and misunderstandings, ineffective MI systems and inappropriate technologies. Organisations go on with habits and ad hoc solutions, without proper, comprehensive questioning of the status quo, proper review of issues and challenges.
Why not start now? Use Manigent’s Discovery Workshop for a day in your organisation and review your strengths and weaknesses in Strategy, People, Process and Technology dimensions.