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- Establish a Risk Management Strategy
- Identify Material Risks
- Identify the risk which can negative impact strategic objectives such as operational and compliance risks.
- Set Risk Appetite
- Set the level of risk we are prepared to accept for material risks
- Undertake risk profiling
- Understand the business
- Identify risks and their impacts at a business unit level
- Put controls in place to prevent or detect them
- Monitor, escalate and report any identified risks
- Assess risk properly when there are changes in the business
- Assess how we manage risk
- Report the risk
- Transferring risk
- e.g. using insurance.
- Tolerating risk
- This means that the risk is accepted.
- Terminating risk
- Choosing to terminate the process associated with the risk.
- Treating risk
- e.g. using controls