November 2017
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Integrating Management Into Risk Management Planning

One of the primary challenges in risk management planning is integrating management into the planning process. This problem is by no means unique to risk management planning. It is common in project planning, for example, and IT project planning in particular.

This is partly due to the difficulty of explaining often complex issues such as financial or IT risk to non-financial or technical people; but the issue cannot be permitted to remain unaddressed, because whether management understands the financial instruments or the technology or they do not, the responsibility for the risk is still theirs. The shareholders will quite rightly blame management, not the planning staff, for losses resulting from a poor plan, because management is responsible for having a viable plan in place.

The right tools exist, and not only for ascertaining when to involve management in the planning process, but also for determining how and why. The first challenge is to get management to commit time and resources to risk management. The second is to get them to do their risk management planning properly.

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