Australian organisations have concerns related to managing operational risk, according to a Deloitte survey on risk management practices.

The survey polled senior risk managers from 50 Top 100 Australian Stock Exchange companies and government organisations.

They rated their organisations as having insufficient risk training (58%), inadequate risk integration with normal management activities (65%), and not enough monitoring and reviewing of their risks (48%).

Deloitte partner Paul Franks says most respondents acknowledge they have not yet created effective systems to manage the less conventional risks.

On the plus side, Mr Franks says most institutions have taken the responsibility for risk management to the top of the organisation – to board level.

“The survey found 70% of boards have oversight over risk management, a healthy increase from the 59% reported in 2004 and the 57% in 2002,” he said.

“The number of institutions with a chief risk officer reached 84%, up from 81% in 2004, while another 8% said they plan to establish this position.”

Other findings from the poll reveal that data quality is an issue – 41% don’t think risk management information is stored and reported in a way that is easy to work with and understand.

However, 59% agree the risk management process helps in making informed decisions. Of the organisations with a risk management framework, 72% agree it is easy to understand and apply.