Fundamentals of Risk Management

Reporting performance
Operational reports indicate how well the strategy is being delivered. Data needs to 
be available on an ongoing basis, so that management can respond and modify the 
business core processes as necessary.
Operational reports also provide information that can be used to prepare reports 
to stakeholders on the performance of the organization. However, the organization 
needs to decide what will be reported and disclosed to stakeholders and the format 
that will be used for those reports. To ensure accurate reporting and disclosure,
appropriate control activities need to be applied. In the United States, the Sarbanes–
Oxley Act (SOX) sets out duties that are primarily concerned with the accuracy of 
financial reports to shareholders.
The main risk management input into reporting of performance is the risk assess-
ment of the reporting lines and the data-handling procedures. The SOX duties have 
increased the attention paid to the control of reporting procedures. Section 404 of 
SOX requires that financial reports and the financial reporting procedures are
attested by external auditors to confirm that they are accurate.
Aspects of the business development model can also be applied to personal
strategic objectives and the achievement of personal success. Many books have been 
published on the actions to ensure career success and the personal traits of highly 
successful people. The box below provides a simple checklist of actions to ensure 
career progression. Although it is not set out in the format of Figure 19.1, the advice 
given is entirely compatible with an analysis based on: 1) where do I want to be?
2) where am I now? and 3) how am I going to get where I want to be?

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Core business processes
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1
Make career planning
an annual event
You will be better prepared for the many 
uncertainties and difficulties that lie ahead 
in all jobs and careers.