Please review Chapter 29 and answer the following questions.
You have been asked to advise the Akawini management team how they should promote and monitor the transformation of risk management in their business. What performance measures would you recommend they use so that they can monitor progress and performance?
please give 600 words with at least two references. APA format
Answer preview
The best way to monitor the progress and performance of risk management processes is to adopt a performance management approach (Purdy, 2010). Developing lead indicators will help Akawini Copper’s management team easily measure the effectiveness of not only the current risk management processes but also the new ones they intend to develop. Lead indicators allow them to compare their targets in risk management against what they have managed to do within a specified period. An example is looking at how many business contracts incorporated risk assessment within the first quarter and comparing it against the targets the company had for the integration of risk assessment into business contracts (Purdy, 2010). The company can also make an external comparison of the performance of their risk management processes. It involves reviewing the status of Akawini Copper’s risk management protocols against those of their competitors within the mining industry.
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