Gauging Progress and Success

Abstract

In the previous two chapters we described some of the structural and behavioral changes a firm can implement in order to build or strengthen its risk culture. The next issue we need to consider relates to progress and success — specifically, how a firm knows it is moving in the right direction in achieving its goal of creating a risk culture that spreads throughout the organization. Accordingly, in this chapter we shall consider how a company can gauge its progress and success, focusing on time frame, short- versus medium-term actions and metrics of success. We shall also introduce a link between the imperatives of Chapters 6 and 7 and the diagnostic test from Chapter 2: as a company begins to implement the imperatives, it can retest itself via the diagnostic framework to determine its progress.