Improve Your Risk Evaluation and Control tip #7 – discretionary fund

Identifying new risks and additional controls can provide visible and evident benefits to the organization but can initially seem daunting.  By following these tips, you can expedite this step and grow your network while enhancing your organization’s defences.

Tip #7 Arrange a small fund to deal with low-cost control measures

Depending upon the culture of your organization, you might want to arrange in advance for a small discretionary fund (small relative to the size of your organization) to be used for low-cost loss control measures uncovered by your team. By avoiding red tape and company politics, you are able to quickly demonstrate to employees a corporate commitment to risk control.  This should increase their willingness to provide your group with accurate risk information. Your final recommendations will not be cluttered with these low-cost control measures.

Return tomorrow for our next tip…

(For more information on DRI’s professional practices please read Professional Practice One – Program Initiation and Management DRII Professional Practices  June 1, 2012 Version 1)

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