Answer:
Those closest to the work should be describing processes andassessing risk based upon their actual experiences. More senior managers thenreview that work and can make adjustments - but be careful that adjustments arerealistic and not changing risk to what they want it to be rather than what it is. The risk assessments can move up and down the chain, with initial meetingsheld with more senior managers to explain the process and that their staff will be participating. Quite frequently senior managers are familiar with what processes are supposed to be, rather than what is actually occurring.
Archive of Risk Management Questions
First published on BankersOnline.com 12/05/08
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