Where is the A-Team?

At many companies around the world right now, executive management is feverishly looking for ways to cut costs and eliminate headcount to bolster the bottom line.  As I have heard many times before, many are probably asking themselves, “Do we really need an A-Team to handle our enterprise risk and compliance activities?”  As a result, risk management and compliance are areas that are typically cut first.  While that may be helpful to the bottom line in the short run, it typically comes back to haunt companies as we are seeing today in the many corporate failures related to poor risk management and compliance practices.  

So, those same executives shoud be asking themselves, “Do we have the right talent to address our risk management and compliance activities?”  Some key skills required for the “A-team” include:

  • Solid understanding of the business
  • Well informed on regulatory and compliance requirements
  • Ability to see the big picture beyond just the rules
  • Uncompromising integrity and courage
  • Strong communications skills to articulate risk exposures as well as opportunities
  • Capability to persuade and influence appropriate behavior in others
So, as budget season winds down in many corporations, executives need to be very careful not to succumb to the temptation to cut what may seem like a non-essential activity.  As Mr. T from the original A-team would say, “I pity the fool who cuts enterprise risk!”  Do you agree with Mr. T?  Comment below.

About Wheelhouse Advisors
Wheelhouse Advisors LLC is the publisher of The ERM Current™, an online publication and blog dedicated to providing the latest updates on current trends in Enterprise Risk Management & Control. Wheelhouse Advisors provides cost-effective Enterprise Risk Management & Control solutions to both large and mid-size corporations. To learn more about Wheelhouse Advisors, please visit our web site at www.WheelhouseAdvisors.com.

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