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5. Risk Management Framework

Plan the establishment of your Risk Management Framework

  • Ask stakeholders to support the establishment of a framework.

  • Ask top management to support the establishment of a framework.

  • Evaluate your existing risk management practices and processes.

  • Identify gaps in your risk management practices and processes.

  • Establish a framework that meets your organization's unique needs.

  • Establish a framework that fills the gaps in existing practices and processes.

  • Consider how you intend to develop your risk management framework.

  • Consider how you're going to design your risk management framework.

  • Consider how you're going to fill gaps in your existing practices and procedures.

  • Consider how you're going to make risk management part of your organization.

  • Consider how you're going to integrate risk management into all significant activities

  • Consider how you're going to build risk management into all decision making activities

  • Consider how you're going to integrate risk management into all significant functions.

  • Consider how you're going to build risk management into all governance functions.

  • Consider how you're going to implement your risk management framework.

  • Consider how you're going to evaluate your risk management framework.

  • Consider how you're going to improve your risk management framework.

Show leadership by making a commitment to risk management

  • Ask your leaders to support a risk management framework.

  • Ask your leaders to make a commitment to risk management.

  • Ask oversight bodies to make a commitment to risk management.

  • Ask oversight bodies to align risk management with the organization's strategy.

  • Ask oversight bodies to align risk management with the organization's culture.

  • Ask oversight bodies to align risk management with organizational objectives.

  • Ask oversight bodies to align risk management with organizational obligations.

  • Ask oversight bodies to align risk management with voluntary commitments.

  • Ask oversight bodies to be accountable for overseeing risk management.

  • Ask them to ensure that risks are understood throughout the organization.

  • Ask them to ensure that risks are communicated throughout the organization.

  • Ask them to ensure that risk management methods are communicated.

  • Ask them to ensure that risk management is integrated into all activities.

  • Ask them to ensure that risk management systems are implemented.

  • Ask them to ensure that risk management systems are operating effectively.

  • Ask them to ensure that risk is properly evaluated when setting objectives.

  • Ask them to ensure that risk is properly managed when achieving objectives.

  • Ask oversight bodies to communicate the value of risk management.

  • Ask them to communicate the value of risk management to the organization.

  • Ask them to communicate the value of risk management to stakeholders.

  • Ask top management to make a commitment to risk management.

  • Ask top management to align risk management with the organization's strategy.

  • Ask top management to align risk management with the organization's culture.

  • Ask top management to align risk management with organizational objectives.

  • Ask top management to align risk management with organizational obligations.

  • Ask top management to align risk management with voluntary commitments.

  • Ask top management to ensure that appropriate risk criteria are developed.

  • Ask them to ensure that risk criteria are communicated throughout the organization.

  • Ask them to ensure that risk criteria are communicated to all relevant stakeholders.

  • Ask top management to communicate the value of risk management.

  • Ask managers to communicate the value of risk management to the organization.

  • Ask managers to communicate the value of risk management to stakeholders.

  • Ask top management to be accountable for managing risk management.

  • Ask them to ensure that risk management is integrated into all activities.

  • Ask top management to monitor the unique risks facing their organization.

  • Ask top management to encourage personnel to systematically monitor risks.

  • Ask your leaders to establish a risk management framework.

  • Ask them to develop a framework that meets the organization's needs.

  • Ask them to prepare a general risk management policy statement.

  • Ask them to define their general approach to risk management.

  • Ask them to prepare a general risk management plan of action.

  • Ask them to make people accountable for managing risk.

  • Ask them to assign risk management responsibilities.

  • Ask them to assign responsibilities at all appropriate levels.

  • Ask them to delegate risk management authorities.

  • Ask them to delegate authorities at all appropriate levels.

  • Ask them to allocate all required risk management resources.

  • Ask them to monitor the application of their risk management framework.

  • Ask them to ensure that it remains appropriate to the organization's context.

Make your organization’s personnel responsible for managing risk

  • Make risk management an integral part of your organization's culture.

  • Ask everyone in your organization to be responsible for managing risk.

  • Ask your governance personnel to be responsible for managing risk.

  • Ask them to be responsible for making risk management part of governance.

  • Ask them to be responsible for making it part of the organization's purpose.

  • Ask them to be responsible for making it part of the organization's direction.

  • Ask them to be responsible for making it part of the organization's strategy.

  • Ask them to be responsible for making risk management part of management.

  • Ask them to make management accountable for implementing risk management.

  • Ask your management personnel to be responsible for managing risk.

  • Ask them to be responsible for making risk management part of management.

  • Ask them to make risk management part of the organization's roles.

  • Ask them to make risk management part of the organization's policies.

  • Ask them to make risk management part of the organization's objectives.

  • Ask them to make risk management part of the organization's operations.

  • Ask them to make risk management part of the organization's processes.

  • Ask them to make risk management part of the organization's practices.

  • Ask them to make risk management part of the organization's rules.

  • Ask your rank-and-file personnel to be responsible for managing risk.

  • Use iterative methods to build risk management into your organization.

  • Make sure that your iterative methods meet your organization's needs.

  • Make sure that your organization's methods are compatible with its culture.

Design your organization's unique risk management framework

  • Consider your context when you develop your framework

  • Consider your organization’s context as you design your framework.

  • Examine and understand your organization’s external context.

  • Consider external influences during framework design.

  • Consider external stakeholders during framework design.

  • Examine and understand external stakeholder needs.

  • Examine and understand external stakeholder values.

  • Examine and understand external stakeholder perceptions.

  • Examine and understand external stakeholder expectations.

  • Examine and understand external stakeholder relationships.

Completion

  • General comments and observations

  • Sign off

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