Description
Class - Please review Chapter 32: Constructive Dialogue and ERM: Lessons from the Financial Crisis Case and provide response for following questions.
1. What are the preconditions for conducting constructive dialogue in an organization?
2. Is effective risk management possible without constructive dialogue?
3. What are the forces that tend to undermine effective risk management in an organization?
4. Given its obvious value in helping an organization to understand the major risks that could prevent it from accomplishing its mission and objectives, why was the financial sector, including a risk-sensitive organization such as Goldman Sachs, so slow in adopting ERM?
Explanation & Answer
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Running head: CONSTRUCTIVE DIALOGUE
Constructive Dialogue
Name
Institution
Date
CONSTRUCTIVE DIALOGUE
2
Question 1
In embracing a constructive dialogue in an organization, there must be the flow of
information to all the functional units. An organization must be ready to disseminate useful
information to all its departments to keep all the employees updated with the risks that a company
might face. Such information is important in the organization since it helps in the decision-making
process. The information that is spread out to all other departments also ensures that there is a
sense of direction since all the department will work towards attaining a common goal which has
already been communicated.
In constructive dialogue, employees and managers within the organization must practice
listening and speaking at the same time. In a scenario where an employee usually talks a lot, in a
constructive dialogue, it is a requirement that the employee practices listening. Through practicing
attentive listening, an employee will be able to get the information relayed and also remember
vividly what was communicated. For the employees who rarely talk, a constructive dialogue will
demand that they practice speaking. When they participate in speaking, it means that they will air
their views, which will be resourceful since it enriches the final decision which will be made.
Companies should have both formal and informal forums where they can communicate
and hold di...
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