586 words, 2.2 minutes read.
ISO 31000 Risk Management 1 big thing: Develop effective working relationships to support cooperative responses to risk management matters and issues.
The big picture: Make certain that your staff helps with administering your organizations Governance, Risk and Compliance (GRC) platform, including user administration and support, risk module development, and reporting processes.
Why it matters: Invest in facilitating the identification of risks throughout the organization, developing, reporting and monitoring formats on risk management issues and developing methodologies for the assessment of risks throughout the organization.
What they’re saying: “Make headway so that your strategy develops and recommends creation and improvements to risk management policies, procedures and practices to reduce costs and or improve internal controls.”
Between the lines: Be certain that your process is communicating regularly with other departments and key participants to resolve intra departmental process gaps or breaks, fostering the building of strong, trusting relationships.
What we’re hearing: “Make sure the regulatory compliance team facilitates adherence to internal and external regulatory requirements and standards through control automation, control monitoring and embedding requirements into modern engineering practices.”
Go deeper: Ensure you also support your (internal) clients in understanding, identifying, and assessing risks associated with the strategic objectives and in designing risk response plans to manage those risks.
State of play: Assure your personnel is directing and managing the ERM risk assessment processes, requested risk reviews, and issue management, developing associated policies, programs, systems, and processes.
How it works: Monitor the risk management framework to ensure processes are in in place to identify, measure, monitor, mitigate and report on risks and associated mitigation strategies consistent with risk tolerance levels.
The backdrop: Safeguard that your strategy provides direction for gathering, reviewing, analyzing, and summarizing risk-related data, information, and processes to ensure adherence with the enterprise-wide risk appetite and overarching/state requirements.
Under the hood: Provide guidance and consultation to (internal) clients to help them develop their risk management framework, including risk identification documentation, master risk register, risk heat maps and profiles, information systems and/or analysis software.
A MESSAGE FROM THE ART OF SERVICE
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Meanwhile: Ensure you are able to lead a team of consultants in the completion of one or more solution requirements, architecture, or implementation deliverable.
Be smart: Lead business risk managers and business partners in determining the root cause of issue(s) identified during testing, developing appropriate corrective action plans and documenting in erms.
Yes, but: Be sure your group is coordinating participation and collaboration with ET key contacts to inform, educate and invest in risk awareness and mitigation activities.
The bottom line: Manage the enterprise risk assessment process, including consolidation of functional and regional risk assessments and enterprise risk register as well as increasing the ability for real-time risk automation.
What’s next: Make sure your company is supporting development of methodology and procedures for the periodic risk assessment of corporate and business unit risks across your organization.
ICYMI: Make certain that your company suited to manager who has client or broking, revenue earning and operational involvement in a dynamic and international business.
A MESSAGE FROM THE ART OF SERVICE
Get started: store.theartofservice.com/ISO-31000-Risk-Management-critical-capabilities/