Risk identification and risk assessment
Risk identification is a methodical approach to understanding the risks that might stop you from fully achieving your business objectives. The formal review of all risks, not just those that are immediately apparent, is a critical stage in the risk management process that is often overlooked. Riskcom can assist you to develop this capability in house, or our experienced team can work with you to uncover all the risks that might impact your business and achieving your goals.
Risk assessment is the process of determining the likelihood of the risk occurring, and the impact the risk will have if it does occur. By combining these two assessments, you can see just how impactful the risk could be and make a conscious choice about how much effort you want to devote to preventing it from occurring. Risk can then be ranked against one another, so that you can prioritise which risks you want to try to prevent or minimize the impact of first.
Treating risk is a method of developing plans and initiatives to prevent the risk from occurring. Treatments are actions that will reduce the likelihood of the risk occurring or will lessen the impact if it does occur. Riskcom can assist with each stage of this process, to find solutions that work for your business.
Risk controls and effectiveness
Risk controls are the actions or activities that are put in place to reduce the likelihood or consequence of a risk occurring. Our expert consultants can help develop control frameworks that are tailored to your business, and that work to control your risk. Riskcom also has tools and processes that can assess the effectiveness of those controls in decreasing the likelihood or reducing the impact of the risk, so that you can demonstrate how well the control is working, or where further work is needed to bring the risk rating back to a level you are comfortable with. Undertaking this assessment, and demonstrating the results gives and comfort to stakeholders that risk is being managed effectively.
A risk register is a critical tool that captures information about risks and risk management and provides an at a glance view of the effectiveness of risk management for a particular topic. A risk register contains information about the risk, the causes of the risk, the controls in place to mitigate the risk, and the rating for that risk. Risk registers can also be developed to identify future mitigations and the progress to implement them. Riskcom can partner with you to develop risk register templates and processes that work for your business, and are scalable, from enterprise, thorough to business unit and project level.
Riskcom can also partner you through the process of populating the risk register, showing you how to collect the information, and represent it in a way that will have meaning for your business.