Managing Risk

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  1. Establish a Risk Management Strategy
  2. Risk Identification of Material Risks
    • Identify the risk which can negative impact strategic objectives such as operational and compliance risks.
  3. Set Risk Appetite / Risk Tolerance
    • Set the level of risk we are prepared to accept for material risks
  4. Undertake Risk Profiling / Risk Classification
    • Understand the business
    • Identify risks and their impacts at a business unit level
    • Put controls in place to prevent or detect them
    • Risk Monitoring and list in Risk Register
    • Conduct Risk Assessment when there are changes in the business
  5. Assess how we manage risk with Risk Treatment
  6. Risk Monitoring & Reporting on Residual Risk