The article discusses the benefits of a bottom-up approach to risk management, where all employees are trained and responsible for risk management, rather than just the senior leadership team. Progeny, an independent financial planning and asset management company, has adopted this approach and seen increased engagement and accountability from staff. The company uses a risk management framework, with each business area responsible for identifying and quantifying risks. Team heads are also trained to understand how their decisions affect the whole company and can escalate new or emerging risks to a risk and audit committee. This approach can lead to quick and effective implementation of actions and problem-solving.
