Microsoft has a new intranet page for all operational risks, to be expanded later. Pulling together all risks is difficult but necessary . As with any departure from conventional practice, integrated risk assessment requires a dedicated individual with the vision and the diplomatic skills to forge a new approach. James Lam, in Boston's Fidelity Management, Murray Corlett, in Toronto's Royal Bank Financial Group, and Hans-Ulrich Doerig at Credit Suisse are three of this new breed, reporting directly to their CEOs. Successful leadership efforts require collegiality.
Risk assessment is a multi-disciplinary effort.
Focus on how risks affect objectives. Understanding uncertainty isn't enough. The process must deliver tangible results to critical stakeholders. We want a balance that produces the optimal blend of rewards and losses. At Freddie Mac, understanding these issues and their interrelationships means that a new culture of risk awareness occurs, leading to better decisions by all employees.