by Rick Nason, PhD, CFA
Partner, RSD Solutions Inc.
Met with a senior risk manager last week for breakfast. They have a very hectic job. Lots of reports and analysis to do for the quarterly report for senior management and then an annual report for the Board. Lots and lots of reports and analysis. Templates to fill in, data to collect, charts to be drawn, results to be collated, definitions to be defined and disseminated etc. etc. etc.. 24/7 job.
What if things change? What if a paradigm changing event happens whereby management and / or the Board needs a risk status now? Can your firm do a 5 minute risk audit? Will your firm know where it stands on a real-time basis, or do you need to wait to see the quarterly report (or perhaps even the annual report)? What is in the 5 minute report? Will your 5 minute risk audit be up to the task?
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