There is No One Way to Report Risk: RIMS/Miami University Report

According to RIMS’ newly released executive research report “Risk Reports & Perceptions,” risk professionals must consider the types of risk and underlying data when delivering a risk assessment report to the organization’s leadership.

The report, a product of RIMS’ collaboration with Miami University, was authored by Dr. Dale Stoel, the university’s Associate Professor of Accountancy; Dr. Brian Ballou, Co-Director, Center for Business Excellence, Ernst & Young Professor of Accountancy; and Dr. Dan Heitger, Co-Director, Center for Business Excellence, Deloitte Professor of Accountancy.

“Risk professionals need to be knowledgeable about board expectations and competency perceptions when it comes to risk reporting,” said Professor Stoel. “Findings from this research indicate a need for report preparers to apply different reporting formats based on risk types.”

RIMS members aided in the development and review of both strategic and operational risk reports to ensure the sample accurately represented actual risk reports understood by business managers regardless of industry.

“As it happens, and contrary to conventional wisdom, greater quantification is not always the better answer,” said Carol Fox, RIMS director of strategic and enterprise risk practice.

The full report is free and can be downloaded in RIMS Risk Knowledge library at www.rims.org/RiskKnowledge.

Source: RIMS