Constant monitoring, testing and review are cornerstones of a good ERM approach.
At the highest level the Context and Framework should regularly be reviewed to ensure the continued appropriateness of approach. This may lead to a change in Context (e.g. a strategic change in risk appetite) or may lead to change in the designed Framework.
Even if the Framework does not change then the steps of Risk Identification, Assessment and Evaluation should be repeated to identify new risks, changed levels of threat and changed risk appetite.
The continuing appropriateness and effectiveness of the identified risk mitigation activity (Risk Treatment) should also be reviewed, indeed, this of itself may validate whether the planned mitigation activity has been put in place.
Business Continuity and Disaster Recovery Plans should be constantly reviewed, tested and updated.
This ongoing review will lead to validation and certainty for the organisation’s approach and will help embed the culture within the organisation. Critically it will integrate with usual business processes, rather than be an adjunct activity, and should thus add real value to the organisation.
- Identify risks
- Evaluate risks
- Respond to significant risks
- Put in place resource controls
- Plan to react
- Monitor and report on risk management performance
- Review the risk management Framework and update the Context
We will create and commit to a clear plan of risk management activity with you. Using a range of tools and techniques we will ensure you are supported every step of the way through the world of risk.
At the outset we will work with you to complete a risk profile. This is a crucial first step as it helps to establish your key risk exposures and directly informs decisions around your insurance programme.
Our experience makes us the right partner for all your risk management requirements, whether it is supporting context and a framework, informing your risk assessment process or introducing a social media policy.
Our support forms part of a plan to improve your risk profile, driving maximum efficiencies in insurance costs and minimising your exposure to risk and loss.