Collaborative Risk Management Framework With Modifiable Risk Register Structure

Scarce successes in Enterprise Risk Management implementations are largely due to long process of risk register development, poor monitoring of emerging risks, lack of collaborative effort and lack of effective communication and training. A recent study published by Arthur J. Gallagher Think Tank, indicates that it takes the enterprise 18-26 month to develop a risk register, after which the effort gets stuck, as the risks are reviewed periodically by a single appointed Risk Officer or a Team. The enterprise, however, frequently faces emerging risks that have to be assessed and mitigated. They are addressed most efficiently by multidisciplinary, interdepartmental teams in a collaborative environment. This paper describes a framework for Collaborative Risk Management based on the model of Multidimensional Pre-emptive Coordination. The risk register modifiable structure allows for run time expansion, making mitigation a continuous process. Variable risk structure depth allows risk management at different hierarchical altitudes.