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GRC Solutions report reveals insights to risk management industry

Liam O’Brien from GRC Solutions

GRC Solutions report reveals insights to risk management industry

At the RMIA 2014 National Conference, we had the opportunity to speak with Liam O’Brien from GRC Solutions, an eLearning and Policy Management firm from Brisbane.

This year, GRC Solutions conducted a survey on members of the Risk Management Institute of Australasia (RMIA).

GRC then published an “Inaugural Risk Management Survey Report” which outlined some interesting trends in the risk management field.

Importantly, 92% of the 100 participants had a risk management framework in place.

Some of the more negative findings showed that 20% of respondents had more than four methods of measuring risk.

This highlights a great opportunity for vendors to streamline risk management practices as to ensure they are as effective as possible.

Interestingly, 18% of those surveyed believed their platform was ineffective or ‘bad’.

GRC hope that this report will act as a catalyst for organisational change and as they continue to review similar practices, to watch the improvement over the next few years.

Other additional findings in the report include;

  • 41% of organisations had no interaction between policy and risk systems
  • 39% said their compliance learning did not include their risk management policies
  • 22% had no compliance learning program.

The report emphasized the need to improve systems and consulting functions to implement effective risk management framework in organisations.

Written by Rod Farrar

Rod is an accomplished risk consultant with extensive experience in the delivery of professional consultancy services to government, corporate and not-for-profit sectors. Rod takes every opportunity available to ensure his risk management knowledge remains at the ‘cutting edge’ of the discipline. Rod’s Risk Management expertise is highly sought after as is the insight he provides in his risk management training and workshop facilitation. Rod was recognised by the Risk Management Institution of Australia as the 2016 Risk Consultant of the Year and one of the first five Certified Chief Risk Officers in Australasia.