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Manager
A good book
Most employees are not fully aware of what is the value of Risk
Management
responsibilities
d) Remember to keep it simple
)Get to know senior management expectations for a risk profile and from risk
management
)Select a risk analysis methodology
)Analyse top risk vulnerabilities
Transfer risks
Reduce risk by adopting alternative approaches
Accept the risk and develop contingency plans
Identify and monitor the interdependencies
Allocate ownership fortop risk vulnerabilities
Check how effectively risks arebeing controlled
Frontline or business:
Executives, business unit management, and staff are responsible for timely risk
)
)
)
identification
management
and reporting.
methodology development
facilitation
Education
guidance, and support.
Teams may also play a role of quality control and aggregation of risk information.
Independent bodies like the internal audit team and the board provide an independent
oversight that the organizations risk-management is in fact working as documented in
the policies and procedures, and key corporate risks are being managed.
business activities
) Talk accepted business language instead of risk management terminology
Talking VAR, EAR and so on is appropiate when talking with risk team, CFO or other financial officers
Might be a turn-off to the marketing director or corporate lawyers
Financial implications
Reputational
Enviromental
Safety
assumptions
Inform management about emerging risks
Conduct risk research upon managements request
Have a network of risk managers from peer
companies
Fine tune your own risk-management skills
assumptions
Over 65% of the time, most damaging are external strategic risks
that cause more damages to the companies
Much more than from financial risks or operational failures
assumptions
Over 65% of the time, most damaging are external strategic risks
that cause more damages to the companies
Much more than from financial risks or operational failures
Conclussions
Risk management is about:
advisor