The majority of Australian companies have taken positive steps to formalising risk management practices and are implementing robust risk management frameworks. However, more work needs to be done in terms of strengthening the "softer" elements of these frameworks in areas such as corporate culture and communication before companies will be able to fully reap the benefits of their significant investments, according to a recent survey conducted by Ernst & Young.
Ernst & Young recently surveyed Company Directors from Top 500 ASX companies with the support of the Australian Institute of Company Directors (AICD) on leading practices of Australian public companies in risk management.
The survey identified that companies are increasingly integrating risk management into their business planning and reporting processes and using risk management as a tool to improve their performance and communications with key stakeholder groups.
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