A standalone risk management framework, that is imposed on by the organisation to the process owner will be considered an ‘extra task’ by the time-strapped owner, and therefore will have some contribution to the management of risk within the business process.
However, a risk framework will be significantly more effective if it is integrated within the business process. Consideration and management of risk becomes part of, and is fundamental to, the design, implementation, monitoring and continual improvement of the business process. Risk framework elements are incorporated into the business process procedures such as during the annual business planning cycle, consideration of the organisation’s key business/strategic risks to inform the next business plan should be included. Business planning can then contribute to the update of business/strategic risks.
Once a risk management framework and supporting process has been developed, Riskcom is able to work with both strategic, operational and project business owners to not only incorporate relevant RMF components into business process documentation, but also embed risk management thinking into executive, operational and project management culture.