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Ready, Set! It's Time for Action: Addressing the maturity of risk management in the Dutch Caribbean & Suriname

Ready, Set! It's Time for Action

Globally, risk management has been an area of focus for organizations for some time. Studies and surveys are confirming an ongoing maturity process, with shifting views and changing trends. Specifically the speed of the change and its diversity has challenged organizations. This has called for smarter risk management that puts the organization's strategy at its center and a strong risk culture at its core.

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Globally, risk management has been an area of focus for organizations for some time. Studies and surveys are confirming an ongoing maturity process, with shifting views and changing trends. Specifically the speed of the change and its diversity has challenged organizations. This has called for smarter risk management that puts the organization's strategy at its center and a strong risk culture at its core.

The Caribbean region has not been immune to these developments.

Recently changes are finding their way into the Caribbean quicker and with more intensity. Therefore, we think it is about time we assess the prevailing views and overall maturity of risk management across thew Dutch Caribbean & Suriname. 

The key findings of the survey, which create the basis of this report are:

  1. Risk management is not yet fully embedded in the strategic planning process.
  2. Roles and responsibilities in regards to risk management are not yet clearly defined.
  3. Many organizations have targets for achieving the desired organizational culture, however they need to improve how this is supported by their risk culture program. Attention must be directed to aspects such as: accountability, tone at the top, and the role of human resources.
  4. There is a significant opportunity for improvement of the risk reporting process. Risk information must be accurate and tailored to the needs of the various stakeholders.
  5. Risk monitoring has yet to be formalized to an extent that is apporpriate for validating that risks are being managed within risk appetite and tolerances. 
  6. Organizations are mainly focused on addressing financial, regulatory, and compliance risks, while drivers including cyber security and operational efficiency that are front of mind globally, are receiving less effort.
  7. An opportunity exists to increase the effectiveness of risk management as many organizations use neither technology nor risk analytics to expedite risk management.
  8. According to the survey the top three opportunities for enhancing the effectivness of the risk management framework are:
    • Enchancing risk awareness across the organization.
    • Further alignment of risk management with organization's strategy.
    • Improving the overall skills of risk management function. 

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