In the wake of the 2008 financial crisis, regulators focused on enterprise risk management and the need for companies to make it part of their daily operations as well as strategic decision-making. But getting employees to discuss the issue is no easy task.
In fact, Frank Fiorille, director of risk management at Paychex, a $2 billion provider of payroll and human resources services, says when raising the issue with a group of managers, one is more likely to hear crickets than a discussion of risks. So how to elicit constructive feedback?
Fiorille's solution was to devise a sport-themed workshop at Paychex's annual operational leadership conference at which several risk concepts were introduced. Then, amid props including Fiorille spinning a basketball on one finger, the 230 attendees voted anonymously, using response technology, first on their COO's musical tastes, and then on specific risks in areas such as operations, finance and strategy.
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