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RIMS EXECUTIVE REPORT: BUILDING A STRATEGIC RISK FUNCTION

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NEW YORK (August 21, 2023) — A misalignment between culture and strategy is often the biggest impediment on the road to effective risk management, according to RIMS new executive report titled, “Building a Strategic Risk Function.”

The “Building a Strategic Risk Function” report explores opportunities for risk leaders to overcome hurdles and build a strategic risk function that addresses both internal and external risks, irrespective of the size and nature of their organization. The report includes a case study shared by Max Life Insurance’s risk management team and is broken into three sections that cover: 

1.     Assessing the Disposition of the CEO toward Risk Management

2.     Assessing the Disposition of the Board and Executive Management toward Risk Management

3.     Practical Insights on How to Transform the Risk Function

“When it comes to managing risks, time is of the essence and attitude is everything,” the report states. “With the right mindset and through effective collaboration and due diligence, risk leaders will be able to keep pace with the changing dynamics of business environments. These improved synergies will allow organizations to sharpen their focus on risk and resilience, build a robust risk culture and transform their traditional risk function into a strategic risk function.”

The report’s authors are:

Sachin Saxena, Executive Vice President & Chief Risk Officer of Max Life Insurance Co Ltd;

Puneet Prakash, Professor, Baker Chair of Risk Management and Insurance at Missouri State University;

Jacqueline McDaid, Senior Director, Insurance and Risk Management at Aptiv PLC;

Luz Angela Fethers, MBA, RIMS-CRMP, PMP, CCEP-I, ARM;

Angela Hainsworth, Director, Enterprise Risk at Twilio.

The “Building a Strategic Risk Function” is exclusively available to RIMS members only for the next 60 days. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For information about RIMS wide selection of risk management publications, learning experiences and events, visit www.RIMS.org.

About RIMS
RIMS, the risk management society®️, empowers risk professionals to make the world safer, more secure, and more sustainable. Through networking, professional development, certification, advocacy, and research, RIMS and its 80 chapters serves more than 200,000 risk practitioners and business leaders from over 75 countries. Founded in 1950, the Society publishes the award-winning Risk Management Magazine and produces RISKWORLD®️, the largest annual gathering of global risk professionals. RIMS embraces diversity, equity and inclusion and welcomes all risk professionals to connect and learn, explore the online Risk Knowledge library, tune into the RIMScast podcast series, and engage via LinkedInTwitter, and Facebook. To learn more, visit www.RIMS.org.

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