Enterprise Risk Management
Introduction
Risk management is an iterative process that assists organizations in setting strategy, achieving goals and making informed decisions. Risk management is part of governance and leadership. and it is the basis of how an organization is managed at all levels. Risk management is a part of all activities associated with the organization and includes interaction with stakeholders. Risk management considers the external and internal context of the organization, including human behavior and cultural factors.
Benefits
- Improving management systems
- Business continuity
- Asset protection
- Adherence to regulations and legislation
- Decision-making process based on facts
Main Requirements
- Use processes of communication and consultation with employees to identify risks
- Use monitoring, control and review processes to identify risks
- Use reports and records to identify risks
- Develop a risk assessment methodology (risk identification, risk analysis, risk assessment)
- Establish a methodology for determining the controls for treating risks