Question

Please explain the roles and responsibilities of the risk management department in a company.

Answer 1

There are the following roles and responsibilities of risk management department in a company:

1. It identifies roles and responsibilities for each department function and each person who carries critical operational activities in the organization.

2. It performs analysis of risk across different departments and functions.

3. It supports the management, identifies the risk, and introduce the methods and techniques to manage the risk

4. It ensures that risk culture is spread internally and effectively in the organization.

5. It performs periodic audit to ensure that risk management practices are in place.