Managing Risk

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  1. Establish a Risk Management Strategy
  2. Identify Material Risks
    • Identify the risk which can negative impact strategic objectives such as operational and compliance risks.
  3. Set Risk Appetite
    • Set the level of risk we are prepared to accept for material risks
  4. 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
  5. Assess how we manage risk
  6. Report the risk

Treating 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