Know Your Risks

Developed by RI hiskS The Guide ThelnnovationofRisk.com The AS/NZS ISO 31000:2009 Risk management - Principles and guidelines standards contains 9,584 words, containing RISK MANAGEMENT GUIDE ZEALAND ovaneu o RISK PROCESS CRITERIA nCIUDnG ISO cOOUTOnon MANAGING STANDARD wenvanon ANALYSIS DEFINITION evRUnon QUSTRAUA INCLUDE (STABUSNNG nes REVIEW RPORTnG INTERNAL POUCY RISKS CONTEXT APPROPRIATE NOTE DECISIONSTANDARDS RESOURCES : EXTERNAL COonseQUEnCES OBJECTIVES FRAMEWORK ORGANIZATION= InFORMAanon PLAD ORGANIZATIONAL PERFORMANCE ORGANIZATION'S TREATMENT 73:2009 DEW ULEUHOOD STAKEHOLDERS PROCESSES Economical Understand your business environment Global changes in ecessi Political Emerging aconomies ighe (YOU echnology Simply, to know your risks you need to know your business and how it fits into the broader environment. Consider using the PEST Wheel as a way to bring out the key aspects that impact your business. privacy Social Mobility Brainstorm your JAM! business risks WHITE BOARD BEAWSTORM MARKER PENS TEAM Use simple techniques to work through your risks such as brainstorming and mind mapping. Make this part of running your business. IDEAS JUMPING OFF POINT QUA ん TITY WHO WHAT WHER Analyse and understand business risks WHERE HOW WHY WHY? The brainstorm should generate some "risk ideas" but these need futher understanding and analysis to best determine the risk. Consider asking about who, what, when, how and why, and also using the "5-Whys" technique. L, WHY? 4 WHY? 4 WHY? L WHY? Real solution is found here Quantify your business risks Conseguence Tilvial Mederate Majer E-Edeme , requiing medule acton Utilise formulaic approaches to quantify risks wherever possible such as historical instances in and outside your organisation, and leveraging data on processes. Plot the results on a visual that provides a simple view of the high/medium/low risks. L-Low rkues that can be deatw acceptable should they happen Control your business risks Avoid Reduce Develop process flow documentation and then establish appropriate controls to against the risk. Consider the possible different risk treatment strategies in the control process. Replace Offset Educate and Develop required action plans Determine and monitor communicate your risk indicators business risks Effective risk management Risks are not always adequately covered and therefore where the business does not end with this does not accept the current level of control, then action plans should be established, monitored and reviewed. Risk indicators are indicators that provide a barometer of tolerable levels of risk, give early warning signs and show measures of change in risks. Measures should process, it is ever changing and evolving. Therefore, develop learning modules for staff and continually include operational events, compliance events, and control failures. communicate on the importance of escalation. ACTION PLAN ..... .... Graphics: PresenterMedia.com PresenterMediak Graphic Design and Production: Riskographics RIS KOGRAPHIC S Content and Author: ThelnnovationofRisk.com ThelnnovationofRisk.com Sources: AS/NZS ISO 31000:2009 Risk management- Principles and guidelines standard http://beckmann-bio.com/graphics/pest_analysis.png for PEST framework shell. http://www.leighstringer.com/wp-content/uploads/2009/06/brainstorm.jpg for Brainstorm. http://bulbburner.com/2010/05/5-whys-and-the-pitfalls/ for 5-Whys approach. http://www.maf.govt.nz/environment-natural-resources/climate-change/resources-and-tools/adaptation- toolbox/step-3-how-will-climate-change-affect-me for quantifcation framework and http:// aace0910.blogspot.com/2009/11/learning-on-how-to-quantify-risk-factor.html. http://technet.microsoft.com/en-us/library/cc531022.aspx for process flow example. http://fairwarepromo.wordpress.com/ for hierarchy of controls. Galatary