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Getting Buy-in from Key Players
Answered by BOL Guru
Kathleen Blanchard
Bios
Question: What is the best way to get buy-in from key players that need to be involved in the risk assessment process? How do we sell it?
Answer: The Audit Committee and Board of Directors should be behind the process. Having a member of senior management assigned as the "sponsor" available to be a cheerleader and also remind people of the importance
occasionally is also very helpful. One advantage to doing a bank wide risk
assessment before your regulator requires you to conduct one is that you can
take your time and not have to rush to meet an arbitrary deadline. That can be
used to your advantage by not pressuring staff as much. Just make sure there
are deadlines and the project doesn't fall by the wayside because people are too
casual about it.
Archive of Risk Management Questions
First published on BankersOnline.com 12/15/08
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