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Good frameworks, systems and processes are fundamental to adding value to a thriving organisation. Refreshing your risk management framework - including your risk management plans - is a key part of risk management reviews. Engaging us as a trusted adviser provides confidence and identifies things which could benefit from being recalibrated.
Risk based reviews vary in scope.
One size does not fit all - context is critical.
Some straightforward projects can have their objectives achieved by a Desk Check (green dots - see adjacent table) at a very reasonable cost. This can generally be done working remotely with your nominated representative by email, video link and phone.
As projects become more complex - involving other stakeholders; and in some cases sensitivities which benefit from face-to-face contact - their objectives are better achieved by methods listed against the orange dots - ramping up to the red dots for the most complex.
The most effective way of meeting your needs starts with a conversation focused on scope.
For clients relatively new to best practice risk management - and looking to improve their approach - I will scope a desktop review of your risk management framework against the International Risk Management Standard - ISO 31000.
The key areas of performance which will be focused on would consider:
1. Leadership and commitment, including:
• aligning risk management with the strategy, objectives and culture of the organisation;
• issuing a statement or policy that establishes a RM approach, plan or course of action;
• making necessary resources available for managing risk; and
• establishing the amount and type of risk that may or may not be taken (risk criteria / appetite).
2. Integration, including:
• determining management accountability and oversight roles and responsibilities; and
• ensuring risk management is part of, and not separate from, all aspects of the organisation.
3. Design, including:
• understanding the organisation and its internal and external context;
• articulating risk management commitment and allocating resources; and
• establishing communication and consultation arrangements.
4. Implementation, including:
• developing an appropriate implementation plan including deadlines;
• identifying where, when and how different types of decisions are made, and by whom; and
• modifying the applicable decision-making processes where necessary
5. Evaluation, including:
• measuring framework performance against its purpose, implementation and behaviours; and
• determining whether it remains suitable to support achievement of objectives.
6. Improvement, including:
• continually monitoring and adapting the framework to address external and internal changes;
• taking actions to improve the value of risk management; and
• improving the suitability, adequacy and effectiveness of the RM framework
This review will highlight obvious opportunity areas where you will get the best return on investment.