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Chapter 7 : Assessing and managing risk Risk management process - Coggle…
Chapter 7 : Assessing and managing risk
Risk management process
1. Set responsibilities
Risk committee
ensure system exists
set risk policy
assess risks
review IA work
review risk register
advise board
Risk manager
Lship of enterprise risk mgt
est & promote ERM
dvlp common risk mgt policy
est common risk language
deal w insurance comp
implement risk indicator
allocation of resources bsed on risk
report to CEO/board/risk committee
2. Set risk appetite
Risk averse
accept risk up to certain point as long as they represent an acceptable return
Risk seeker
pursue highest return regardless of risk
3. Identify risks
benchmarking
scenario analysis
stakeH consultation
results of audits & inspections
brainstorm & workshop
use of std checklists
4. Assess risks
risk map
5. Respond to risks
TARA
Transfer, Accept, Reduce, Avoid
Assurance mapping
4 lines of defense
ALARP
as low as reasonably practicable
6. Monitor & review process & adapt if necessary
Review the process
poor identification of risks?
poor assessment of risks?
poor choice of response?
7. Start again