What does it mean to make your risk management program first line friendly? While risk management is critical to an organization’s overall success and must be addressed holistically throughout a company, most risk programs are addressed from the top-down. A first line friendly approach enables members of your team to both understand, and act in best practice from the bottom-up.
Pivoting your risk management program to be first-line friendly will enhance your overall security posture cross-organizationally and ensure a universal understanding of processes at all levels of the enterprise. Here are three ways that making your organization first-line friendly will help streamline your risk management process:
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Ensuring that your risk management program is first line friendly starts with enabling first-line members to understand what risk is and how to own, respond, and act on it. Although measuring and managing risk is a highly technical operation led by trained risk professionals, every level of an organization is responsible for risk management and must understand it. Risk and compliance leaders implementing a First-line friendly solution need to address the subjective nature of risk by:
- Clearly and concisely communicating risk with impact to the line of business.
- Assessing risk in real time using plain language that your line of business understands.
- Accurately reporting and describing the business context of risk to leadership.
Executing a first line friendly risk management program requires you to enhance visibility for your risk owners. By doing this, paired with ensuring a strong understanding of risk across your business, you enable all of your employees to own risk. In turn, risk and compliance initiatives must be clearly communicated and understood throughout your line of business, and employees must have regular access to update or review the status of risk.
With a First-line friendly solution, you can centralize and simplify access to risk information and workflows. This enables you to share focused insights with key risk updates for your line of business to stay informed and own risk across processes, assets, and the relationships that they manage on a daily basis.
Finally, creating a first line friendly risk management program means that employees at every level of your business are able to take action when risks are flagged. Empowering all of your business to take action against risk means that mitigation tactics need to be communicated to your line of business and consistently tracked over time. With a First-line friendly solution, you can integrate and embed risk management into their daily activities, and automatically track updates to your risk treatment plan to visualize progress throughout your risk lifecycle.
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Further risk management reading:
Blog: Risk Management 101
Next steps on risk management:
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Visual Analysis Map: Quantify Your Risk