A risk champion isn’t solely responsible for managing risk—risk management is everyone’s business. A risk champion promotes probabilistic thinking—that is, an approach to making decisions that account for uncertainty. This way of thinking is easily scalable for everything from immediate operational tasks to corporate strategies. It begins with an active framework for identifying risks. A new approach to risk management is the CORAL framework, which considers context, objectives, resources, assumptions and limitations.
Read more in “Framing Risk.”