How to Measure an Organizational Risk Goal

 

When holding your FWA team accountable for identifying enterprise risks, setting the goal is only the first step. Many leaders struggle with step 2 - which is "how" do we measure this? In this video, Jala talks about the key components to include when considering the goal of risk identification.

Transcript:

Set a Risk Goal

We have gotten many questions about how to reimagine the value of your fraud, waste and abuse (FWA) program at an enterprise-level. One of the questions centers on holding the FWA team accountable for making this impact on the broader enterprise. To do this, you must create a goal around accomplishing that change. If you want them to do something different, to change, to really make an impact across the enterprise, setting a measurable goal is the best way to get that outcome. This goal can include identifying risks within the organization or identifying policy or process improvement opportunities. To formulate this goal, you must be able to:

  •  Describe the issue

  •  Understand how the issue was found

  •  Understand how much the issue cost the organization

  •  Know what the issue will continue to cost the organization if no corrective action is taken

  •  Know some recommended mitigation strategies

Making sure that the five items above are included in the goal formulation allows your team to think beyond FWA investigations alone. Instead, it allows them to think more in terms of collaboration with other parts of the organization. You can even set a collaborative goal for them in their annual review process. We would strongly recommend that you take a look at your goals. If you want your team to really impact the organization on an enterprise-level, set a couple of goals that have to do with risk mitigation or policy/process improvement. Make sure that team members are able to tell you how they found problems and how much the problems are costing the organization. They should know how much these issues will potentially continue to cost the organization if they do nothing about them and be able to provide some strategies on how to mitigate. That is a surefire way to elevate the level of your FWA team within the organization.

Let us know if you have any feedback or comments. Thank you!

 
Jala Attia