Live Blog: Risk Management Belongs in the C-Suite

12: 40 p.m.
This is a live blog from Tuesday's luncheon keynote address, "Risk Management Belongs in the C-Suite." Today's speaker is Lauralee Martin, CFO and COO of Jones Lang LaSalle Inc.

1:13 p.m.
Martin sees the C-suite as becoming crowded. It's no longer a place solely for the CEO, COO and CFO.

1:15 p.m.
Current events point to the need to put risk management at the top. The credit crisis proves that the basics of risk management were forgotten. "Where were our risk managers," Martin asks.

1:20 p.m.
The rules have changed, says Martin. "Not only about how you play the game but how you win."
What's different about today's risk environment than the one Martin grew up in is that companies have more to lose today if they don't experiment with risk management strategy.

1:25 p.m.
Back to the credit crisis. Martin says she is continually shocked by what transpired. The sorting out of what went down is still going on because of the reluctance by some companies to embrace transparency. Interestingly enough, Martin says she is convinced that the C-suite will pay attention now more than ever. Its members may not have much time or patience, and they clearly want answers. But their ears are open, she insists.

1:32 p.m.
"I believe we'll be required to do more risk transfer," Martin says. "We can't be experts in everything." Involving others who are experts in certain fields means you'll be getting it right.

1:35 p.m.
Comforting to know, this CEO and COO says risk management processes cannot be just a report gathering dust on your desk. "It must live and breathe" throughout your organization, Martin says.

1:40 p.m.
Leaving attendees with some parting thoughts, Martin again insisted that risk management indeed belongs at the top of an organization and that those C-suite-rs will listen to concerns about their company's risk management program. But before she left the podium she issued a challenge to the audience. "I'm told you guys are the best." What she meant was, here's the kick in the pants risk managers need to speak up to their superiors. After all, change can't occur in the C-suite if risk managers remain silent.

1:44 p.m.
As applause followed Martin from the stage and audience members rose to gather their belongings and head down to the exhibit hall for a much needed wine and cheese reception, there was some positive chatter among those departing. One risk manager attendee was impressed that RIMS booked a C-suite-r to speak for the keynote address. He was also pleased that Martin's observations were pretty spot-on. Communication between the risk manager and C-suite is the key, he said. As long as you've got the data and the research to put in front of your CEO, they will listen to you. They will do their part, he said, if you do yours.