It is clear that management’s responsibility for development of risk management system should be secured. This can be provided through incorporating risk management issues into management KPIs. On the other hand, risk management is ultimately connected with managing business itself, therefore every manager is managing certain risks inherent to the business process under his/her responsibility on a day-to-day basis. That is why most of the times it is difficult to identify the share of effective and efficient risk management from general effectiveness and efficiency of a manager. Possible ways of problem resolution and compromise solutions are discussed. The sample indicators related to formal elements of RM system (e.g. timeliness and correctness of RM reporting) as well as essence criteria (e.g. sufficiency and effectiveness of RM control procedures) are considered in the paper.
Keywords: risk management
