Risk Governance Deficits. An Analysis and Illustration of the Most Common Deficits in Risk Governance

Abstract

IRGC defines risk governance deficits as deficiencies (where elements are lacking) or failures (where actions are not taken or prove unsuccessful) in risk governance structures and processes. They hinder a fair and efficient risk governance process. The deficits described by IRGC in this report have recurred over time and have affected risk governance in many types of private and public organisations, and for different types of risks. This report aims to help risk decision-makers in government and industry understand both the causes of deficits in risk governance processes and their capacity to aggravate the adverse impacts of a risk. With this understanding, it is hoped that risk practitioners will be able to identify and take steps to remedy significant deficits in the risk governance structures and processes.

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