The Importance of Risk Frameworks and Processes

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Establishing a risk framework is a critical piece of work for any organisation, as it guides how risk will be approached and managed. It is a series of documents such as risk policy, assessment and management procedures and processes that guide how risk will be managed. Key stages in the development of the risk framework include:

  • Design. Your risk framework is not a generic, one size fits all document. It should be tailored to you and the environment you operate in. The risk framework describes how risk will be managed within your organisation and by whom. It should be immediately recognisable to all that it helps guide decision making in your business and demonstrate the level of risk taking and risk prevention that you are comfortable with. Riskcom can help you design your risk framework, so that it works for your business.
  • Implementation. Once it is designed, you will need to implement the framework. Because risk management touches all aspects of decision making across the business, implementing the risk framework can seem like a daunting task. With Riskcom as your partner, we can help you design and manage a staged implementation of the framework, identifying key stakeholders you need to engage with so that at the end of the implementation, you have risk management capability that is embedded throughout your business.

Once you have implemented your risk framework, you can work towards embedding the processes for risk identification, assessment, monitoring and reporting.
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