Risk management can no longer be solely a financial discipline and needs to be linked explicitly to operational performance, according to a new report by CIMA. "Reporting and managing risk: a look at current practice in the private and public sectors" summarises case studies on risk management at Tesco, Royal Bank of Scotland, Birmingham City Council and the UK's Department for Culture, Media and Sport.
These highlight the need to embed risk management in organisational culture and to show an explicit link between risk management and performance. They provide a snapshot of risk management at an important time for both the public and private sectors, and highlight the way in which risk has moved out of the finance function.
"Risk management is...