This question always gets people to lean in. I posed this question to hundreds of risk managers at several industry conferences including the RIMS ERM Conference, PMI Integrated Program Management Conference, and even our Active Risk User Conference and consistently get the same results.
In fact, it has become my favorite question to ask to get the candid truth on how people really feel about their profession.
It’s clear to me that the discipline of enterprise risk management (ERM) is still not well understood. After spending almost 20 years around the discipline of project management, I can finally say that just about everyone in the working world knows what project management is. Unfortunately, the same is not true about risk management and it contributes to many restless nights.
After facilitating many workshops and compiling thousands of Post-It Notes, the top 5 challenges facing risk managers are:
#1 – Lack of senior management support
#2 – Culture resists adopting risk management because of fear
#3 – No common understanding of risk
#4 – Not enough time in the day
#5 – Risk is not integrated with standard business processes
In future blog entries, I’ll provide context for each one of these challenges and some ideas on how to address them. Be sure to follow me at http://www.sword-activerisk.com/blog/ or on Twitter @ERMTrends.