575 words, 2.1 minutes read. By Gerard Blokdyk
ISO 31000 Risk Management 1 big thing: Oversee that your personnel updates audit programs and audit questionnaire, with staff support.
The big picture: Make sure your team is involved in risk projects of differing scales ranging from high level risk analysis to comprehensive risk assessments, with both qualitative and quantitative outputs.
Why it matters: Test controls to ensure they are working as designed by reviewing documentation, meeting with management to consider the business processes, and observing general business operations.
Between the lines: Confirm that your group is responsible for performing assessments and analyses to ensure that your organizations operational and strategic risk is properly identified, evaluated, mitigated, and monitored.
What to watch: Ensure your team recommends modifications to reduce implementation risk and uses strong influence with first line management to ensure compliance in risk and control documentation and notification of all appropriate representatives and regulators.
On the flip side: Lead your organizations Business Continuity efforts and own various pieces, including the Incident Response Plan and Crisis Management Plan, annual tabletop exercise, etc.
Be smart: Check that your strategy serves as an advocate for proactive planning and continuous improvement; sets and communicates clear and aligned goals, monitors progress, and accepts accountability; ensures leaders in own organization do the same.
State of play: Liaison so that your personnel maintains an understanding and record of Company, Franchisee, Service provider, and Partner responsibilities and determine efficient methods to leverage business and security, risk and compliance requirements.
Go deeper: Determine who to proactively set up meetings with to understand how to better navigate your organization based on IT/Cyber Risk teams mandate.
Yes, but: Oversee that your group is conducting due diligence, operational metrics assessments, competitive analysis, product and technology evaluation, reference calls, and financial and exit modeling.
What they’re saying: “Make sure the Product Owner collaborates with risk and assurance teams to align all risk management activities to your organizations enterprise risk management systems.“, Vice President, Global Sourcing
The bottom line: Provide regular reporting on the current status of the information security program to the leadership team in the context of a strategic enterprise risk management program.
What’s next: Make headway so that your personnel is remaining current with technological and security innovations to provide direction for operational efficiency and future products.
ICYMI: Participate in the Commercial Alignment Process and preparation of the Integrated Framework Checklist for the Project Business Plan and Project Integrated Framework Alignment meetings.
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