Answer:
The Audit Committee and Board of Directors should be behind the process. Having a member of senior management assigned as the "sponsor" available to be a cheerleader and also remind people of the importanceoccasionally is also very helpful. One advantage to doing a bank wide riskassessment before your regulator requires you to conduct one is that you cantake your time and not have to rush to meet an arbitrary deadline. That can beused to your advantage by not pressuring staff as much. Just make sure thereare deadlines and the project doesn't fall by the wayside because people are toocasual about it.
Archive of Risk Management Questions
First published on BankersOnline.com 12/15/08
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