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Building risk into management reporting
Tommaso Palermo of Politecnico di Milano and Margaret Woods of Nottingham University are beginning a CIMA funded research project into the ways in which risk and performance are linked in reporting to senior management. They’re asking for your help with this practical project.
The researchers are comparing Italian and UK based companies in terms of how they link risk management to performance management in internal reports.The recent economic crisis has focused attention on risk management, but managing risk is all about achieving objectives. We want to know if performance reports include specific information about risk management. For example, do your performance reports include copies of the risk registers? Do internal audit or risk managers work together with management accountants in drawing up performance plans? Can/do Balanced Scorecards include a risk scorecard?Palermo and Woods are hoping to identify best practice in linking risk to performance reports and to use these findings to suggest ways in which businesses can improve their performance reporting. They have already collected data from publishing, telecommunications and energy companies in Italy and look forward to finding out how UK companies compare in their approach to management reporting.
In return for contributing a relatively small amount of your time, you’ll gain a valuable external perspective on current approaches to risk and performance reporting. The researchers will examine successful practices used by case companies, and specify how and why deficient practices need to change. All case companies will be anonymous in any published outputs.
If you are a CIMA member in any of these industries and would like to be a part of this research, please register your interest by emailing email@example.com.