First installment introduces five 'secrets' to a winning risk management
MENLO PARK, Calif., Jan. 4, 2011 /CNW/ -- Protiviti (www.protiviti.com), a global business consulting and internal audit firm, reveals several ideas for carefully managing risk in a post-financial crisis business environment in the first installment of its new white paper series, The CRO Series, for chief risk officers (CROs). The inaugural white paper of The CRO Series, The Name of the Game is Risk: Secrets of the Winning Hand (http://www.protiviti.com/en-US/Insights/Browse-by-Content/Whitepapers/Risk-Solu tions/Pages/The-Name-of-the-Game-Is-Risk-Secrets-of-the-Winning-Hand.aspx), uses a poker analogy to suggest that CROs managing risk in today's challenging times can draw useful lessons from successful poker players, as success is tied to calculated risk/reward assessments, an honest sense of capability and staying true to the risk management discipline.
This first paper in Protiviti's CRO series lays the foundation for creating a solid risk management program with the five secrets of a "winning hand," as well as a checklist to help executives assess how close they are to achieving risk management strategies that contribute to business success. Subsequent installments of The CRO Series will take a more in-depth look at each of the five "secrets" or strategies for success.
"While the volume is turned up on greater oversight, more rules and regulations, increased transparency, and better governance, the question continues to arise - will such changes really make a significant difference going forward for businesses, particularly for financial institutions?" said Cory Gunderson, managing director and global risk and compliance practice leader for Protiviti. "If the strategies we explore in this series are not addressed effectively by companies, chances are the return on those changes will disappoint."
Based on Protiviti's experience working with and counseling leading CROs, The Name of the Game is Risk: Secrets of the Winning Hand outlines five basic tenets that strategic CROs have established within their organizations to facilitate success in good times and bad:
1. Integrity to the discipline of risk management
2. Constructive board engagement
3. Effective risk positioning
4. Establishment of a learning culture
5. Creation of appropriate incentives.
"Our objective with this series is to introduce the strategies we believe are most effective in ensuring risk management has a prominent seat at the table when it comes to managing the business," Gunderson said. "An understanding of the five secrets to a winning hand is fundamental to developing a clear roadmap to effective risk management."
A complimentary copy of The Name of the Game is Risk: Secrets of the Winning Hand is available at http://www.protiviti.com/en-US/Insights/Browse-by-Content/Whitepapers/Risk-Solut ions/Pages/The-Name-of-the-Game-Is-Risk-Secrets-of-the-Winning-Hand.aspx.
Protiviti is a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. The firm helps solve problems in finance and transactions, operations, technology, litigation, governance, risk, and compliance. Protiviti's highly trained, results-oriented professionals provide a unique perspective on a wide range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle East.
Protiviti has 60 locations worldwide and is a wholly owned subsidiary of Robert Half International Inc. (NYSE: RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index.
Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.
For further information: Kathy Keller of Protiviti, +1-650-234-6252, firstname.lastname@example.org Web Site: http://www.protiviti.com