?Successful risk managers build strong working relationships with staff across the business, according to a new report co-authored by GCU's Dr Patrick Ring.
Informal risk management at all levels of an organisation can help drive forward strategic boardroom decisions, concludes a study from the Association of Chartered Certified Accountants (ACCA).
Risk and performance: Embedding risk management, highlights common challenges and good practices to overcome risk management difficulties.
The report combines findings from four in-depth case studies, including a financial services company, a large property developer, an IT company, and a large public sector organisation.
Dr Patrick Ring, Reader in Finance and Accounting at GCU, said: "Effective communication is key to successful risk management in any organisation.
"Importantly, we found that informal modes of communication are integral in underpinning the more formal organisational structures that support risk management.
"As a result, the successful risk managers we met were able to build productive relationships across all areas of their organisations, increasing the profile and effectiveness of risk management in their businesses."
Jamie Lyon, ACCA's interim director Professional Insights, said: "Organisations in every sector, whether large or small, simple or complex, invest time and resources in managing risk.
"This new report finds effective risk management is an essential element in the success or failure of these organisations but it cannot be effective if it is not embedded. There are no easy answers or quick fixes when embedding risk management. Given the variety of means available, organisations must allow risk management practices to evolve to their needs."
The ACCA report was co-authored with Dr Simon Ashby, from Vlerick Business School in Ghent, and Dr Cormac Bryce, of Cass Business School, in London.
ACCA is the global body for professional accountant and supports more than 200,000 members in 179 countries, helping them to develop successful careers in accounting and business.
You can read the full report on ACCA's website.