This document provides an overview of Part One of a three-part training program on strategic risk management. It discusses key concepts in risk management including identifying risks, assessing their likelihood and impact, prioritizing risks, and developing mitigation strategies. A risk inventory template is also presented to catalog identified risks. Participants are encouraged to consider how they would implement strategic risk management in their own work areas to improve decision-making and better achieve organizational objectives.
Introduction To Risk Management Powerpoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Introduction To Risk Management Powerpoint Presentation Slides. This is a one stage process. The stages in this process are Introduction To Risk Management, Risk Management Overview, Risk Management Outline. https://bit.ly/3jpib2E
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
IFAC Senior Technical Manager Vincent Tophoff presentation during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! Mr. Tophoff discusses current trends and thinking in risk management and best practices.
PYA Principal Shannon Sumner co-presented “Enterprise Risk Management” at the HCCA Board Audit Committee Compliance Conference, February 27-28, 2017, in Scottsdale, Arizona.
The presentation covered:
The role of the governing Board of an organization in enterprise risk management (ERM)
Effective ERM in today’s healthcare setting
When ERM fails: “The perfect storm”
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
Introduction To Risk Management Powerpoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Introduction To Risk Management Powerpoint Presentation Slides. This is a one stage process. The stages in this process are Introduction To Risk Management, Risk Management Overview, Risk Management Outline. https://bit.ly/3jpib2E
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
IFAC Senior Technical Manager Vincent Tophoff presentation during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! Mr. Tophoff discusses current trends and thinking in risk management and best practices.
PYA Principal Shannon Sumner co-presented “Enterprise Risk Management” at the HCCA Board Audit Committee Compliance Conference, February 27-28, 2017, in Scottsdale, Arizona.
The presentation covered:
The role of the governing Board of an organization in enterprise risk management (ERM)
Effective ERM in today’s healthcare setting
When ERM fails: “The perfect storm”
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
The underlying premise of enterprise risk management is that the Company exists to provide value for its stakeholders – customers, employees, and shareholders. Like any business, every Company faces some uncertainty, and the challenge for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables senior management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of the entity’s objectives. These capabilities inherent in enterprise risk management help management achieve the Company’s performance and profitability targets, and minimize loss of resources. Enterprise risk management helps ensure effective reporting and compliance with laws and regulations, and helps avoid damage to the Company’s reputation and associated consequences. In sum, enterprise risk management helps the Company get to where it wants to go and avoid pitfalls and surprises along the way. Enterprise risk management encompasses:
• Aligning Risk Appetite and Strategy
• Enhancing Risk Response Decisions
• Reducing Operational Surprises and Losses
• Identifying and Managing Multiple and Cross-Enterprise Risks
• Seizing Opportunities
• Improving Deployment of Capital
• Leveraging Talent, Structure, Process, and Capital
Almost every business decision requires executives and managers to balance risk and reward, and efficiency in that process is essential to an enterprise’s success. Too often though, IT risk (business risk related to the use of IT) is overlooked.
While other business risks such as market, credit and operational risks have long been incorporated into the decision-making processes, IT risk has usually been relegated to technical specialists outside the boardroom, despite falling under the same risk category as other business risks: failure to achieve strategic objectives.
This session intends to address business risks related to the use of IT, looking at industry standards, frameworks and best practices, as well as focusing on real world examples and specific plans on how to implement IT Risk Management on every level of your company.
Are you new to the concept of Integrated Risk Management (IRM)? Are you curious to know how this shift applies to security and risk teams? Do you think the word ‘risk’ doesn’t apply to you because it isn’t included in your job title? Join us for this introductory session to address all of your basic questions about IRM and why you should get started on implementing it within your team and across your organization. Whether you’re a security or risk practitioner, you’ll find value in learning a little more about how an integrated approach will make your team more efficient and effective, while keeping you ahead of the curve.
2017 coso-erm-integrating-with-strategy-and-performance-executive-summaryVALUES & SENSE
This update to the 2004 publication addresses the evolution of enterprise risk management and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment. The updated document, titled Enterprise Risk Management—Integrating with Strategy and Performance, highlights the importance of considering risk in both the strategy-setting process and in driving performance.
Cybersecurity Value at Risk (VaR) is a beneficial approach to security professionals and executives to:
1.) Support the decision making process and support the ability to prioritize tasks
2.) Provide the evidence to back the decision making process
3.) Communicate to the three lines of defense as well as the board
It's important to take a vague measure of high, medium and low and make it tangible and more actionable. The greatest benefit of VAR is the ability to decompose the scenarios and critically thinking about risk.
An introduction to risk management concepts for future outdoor leaders. It serves up metaphors and poses suitable questions for other forms of risk management.
How can you prepare your company to avoid unnecessary losses? Experts in the insurance, safety and risk management arena will provide detailed industry-specific information that you can begin using right away to protect your company and its financial health for years to come. You’ll leave this session with a clear understanding of why loss prevention is as essential for survival as regulatory compliance.
Speakers:
Kent Miller, Field Supervisor, Safety, Claims and Litigation Services (SCLS)
Dave Wittwer, Vice President, Hays Companies
The underlying premise of enterprise risk management is that the Company exists to provide value for its stakeholders – customers, employees, and shareholders. Like any business, every Company faces some uncertainty, and the challenge for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables senior management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of the entity’s objectives. These capabilities inherent in enterprise risk management help management achieve the Company’s performance and profitability targets, and minimize loss of resources. Enterprise risk management helps ensure effective reporting and compliance with laws and regulations, and helps avoid damage to the Company’s reputation and associated consequences. In sum, enterprise risk management helps the Company get to where it wants to go and avoid pitfalls and surprises along the way. Enterprise risk management encompasses:
• Aligning Risk Appetite and Strategy
• Enhancing Risk Response Decisions
• Reducing Operational Surprises and Losses
• Identifying and Managing Multiple and Cross-Enterprise Risks
• Seizing Opportunities
• Improving Deployment of Capital
• Leveraging Talent, Structure, Process, and Capital
Almost every business decision requires executives and managers to balance risk and reward, and efficiency in that process is essential to an enterprise’s success. Too often though, IT risk (business risk related to the use of IT) is overlooked.
While other business risks such as market, credit and operational risks have long been incorporated into the decision-making processes, IT risk has usually been relegated to technical specialists outside the boardroom, despite falling under the same risk category as other business risks: failure to achieve strategic objectives.
This session intends to address business risks related to the use of IT, looking at industry standards, frameworks and best practices, as well as focusing on real world examples and specific plans on how to implement IT Risk Management on every level of your company.
Are you new to the concept of Integrated Risk Management (IRM)? Are you curious to know how this shift applies to security and risk teams? Do you think the word ‘risk’ doesn’t apply to you because it isn’t included in your job title? Join us for this introductory session to address all of your basic questions about IRM and why you should get started on implementing it within your team and across your organization. Whether you’re a security or risk practitioner, you’ll find value in learning a little more about how an integrated approach will make your team more efficient and effective, while keeping you ahead of the curve.
2017 coso-erm-integrating-with-strategy-and-performance-executive-summaryVALUES & SENSE
This update to the 2004 publication addresses the evolution of enterprise risk management and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment. The updated document, titled Enterprise Risk Management—Integrating with Strategy and Performance, highlights the importance of considering risk in both the strategy-setting process and in driving performance.
Cybersecurity Value at Risk (VaR) is a beneficial approach to security professionals and executives to:
1.) Support the decision making process and support the ability to prioritize tasks
2.) Provide the evidence to back the decision making process
3.) Communicate to the three lines of defense as well as the board
It's important to take a vague measure of high, medium and low and make it tangible and more actionable. The greatest benefit of VAR is the ability to decompose the scenarios and critically thinking about risk.
An introduction to risk management concepts for future outdoor leaders. It serves up metaphors and poses suitable questions for other forms of risk management.
How can you prepare your company to avoid unnecessary losses? Experts in the insurance, safety and risk management arena will provide detailed industry-specific information that you can begin using right away to protect your company and its financial health for years to come. You’ll leave this session with a clear understanding of why loss prevention is as essential for survival as regulatory compliance.
Speakers:
Kent Miller, Field Supervisor, Safety, Claims and Litigation Services (SCLS)
Dave Wittwer, Vice President, Hays Companies
Risk and Geopolitics (Singapore - November 2009)Peter Cockcroft
This slide was presented in Grand Copthorne Waterfront in Singapore on November 23-25, 2009. It talks about the definition of risk and how to manage and monitor it.
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Monday 10th October 2016
APM North West branch and Risk SIG conference
Alderley Park, Cheshire
ORM is the process of dealing with the risks associated with military operations, which includes: risk assessment, risk decision making and implementation of effective risk controls
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Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
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To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
1. A Practical Approach
to Strategic Risk Management
Part One of a three-part Strategic Risk Management training program
Katharine Hullinger, ARM
Risk Manager
California State University Channel Islands
Revised 3/13/2018
Part One
5. Outline
Objectives of Part One
Conversation Starters
A Quick Risk Exercise
Principles and Basics
Why SRM?
The Risk Inventory Tool/template
Considerations Back at the Office
Q &A
6. A Practical Approach to Strategic Risk Management (SRM)
Training
Components
Introduction to SRM Participant Outcomes
Introduction to the risk
management process and
terminologies
Introduction to the SRM
framework
Introduction to Risk
Assessments
Discuss best way to
implementation SRM in work
area
Clarify roles & responsibilities
for SRM
Understanding of risk management process
Understanding of how risk management is
already incorporated in day-to-day work
Understanding the reasons for SRM
SRM roles and responsibilities clearly
defined
Awareness of SRM tools
Commitment to SRM implementation in
area of work
Commitment to continuous risk
communication & learning
7. Who is accountable for risks?
How do we talk about risk? Do we have a common
language in the department, across divisions, across
the campus, across the CSU?
Are we taking too much risk? Or not enough?
Are the right people taking the right risks at the right
time?
What’s our risk culture? Are we risk-adverse, risk-
takers, or somewhere in between?
Conversation Starters
8. A Quick Risk Exercise
Identify risks (threats and opportunities) that a
cyclist faces in cycling to campus for work.
How would you mitigate the threats?
How would you maximize the opportunity?
Report back
9. Identifying the risks in cycling
Threats:
Injury
Death
Reputation
Financial expense
Damage or theft
Weather Issues
Opportunities:
Exercise and good health
Fresh air
Reputation
Financial savings
Role model
Environmental impact
10. Mitigation strategies for threats associated with cycling
Injury and death – helmet, bright clothes, lights, bell, obey traffic
laws, stay alert
Reputation – great biking outfit, change of clothes, openly
promote alternative transportation
Financial – inexpensive transportation, avoid traffic citations
Damage or theft – regular maintenance, know the route, avoid
obstacles and things that puncture tires, high quality lock
Weather issues – carry filled water bottle, warm/waterproof
outerwear and gloves
11. The Risk Management Principles
Risk is the uncertainty that surrounds future events
and outcomes.
Risk is the expression of the likelihood and impact of
any event with the potential to influence the
achievement of an organization’s objectives.
12. Risk Management Basics
Risk (uncertainty) may affect the achievement of objectives.
Effective mitigation strategies and controls can reduce negative risks
(threats) or increase opportunities.
Residual risk is the level of risk remaining after applying risk controls.
Acceptance and action should be based on residual risk levels.
13. Definition of Strategic Risk Management
“… a process, effected by an entity's board of directors,
management and other personnel, applied in a strategic
setting and across the enterprise, designed to identify
potential events that may affect the entity, and manage
those events within its risk appetite, to provide reasonable
assurance regarding the achievement of entity objectives.”
Source: COSO Enterprise Risk Management – Integrated Framework. 2004.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO)
14. SRM removes silo-based decision making
SRM becomes embedded in key processes such as strategic,
budgeting and project planning
Identify and understand risks that positively or negatively impact
the achievement of strategic goals
Evaluate risk priorities and allocate resources strategically
Improve overall risk tolerance
Why are we implementing SRM?
15. Practice proactivity rather than reactivity
Identify new risk and develop appropriate strategies for mitigating
or profiting from it
Establish accountability, transparency and responsibility
Realize programmatic success, defined as implementation and
practice throughout the entire organization
Promote a healthy risk culture, where risk is a routine and
expected topic of conversation.
Develop a common and consistent approach to addressing risk
across the institution
17. CSUCI 2015-2020 STRATEGIC OBJECTIVES
Facilitate Student Success
• Provide University access to students who bring diverse perspectives
• Provide a mission-driven education that prepares students for individual success
• Provide support for degree completion
Provide High Quality Education
• Hire and support quality faculty and staff who are committed to the mission of the University
• Infuse integrative approaches, community engagement, multicultural learning, and international
perspectives into all aspects of learning
• Engage undergraduate and graduate students in research and creative activities
Realize Our Future
• Build infrastructure capacity
• Leverage the use of technology
• Seek, cultivate, and steward resources, both public and private
• Implement collaborative planning and accountability processes
19. Risk Number Risk Short Name Risk Description
Existing Risk Controls/Measures
in Place
Outcome Impact Likelihood
Impact
Score
Likeli- hood
Score
Net Score Risk Mitigation Actions Responsibility Cost Estimate
Resources
Needed
Target Date for
Completion
Mitigation
Complete
EXAMPLE Access To High Hazard Areas The risk of unauthorized
access to hazardous areas
outside of normal business
hours
*Perimeter doors have
mechanicallocks that are
randomly spot checked by police
after normal business hours.
*Some buildings with high hazard areas
are open to the public, increasing the
chances of unauthorizedor accidental
access to high hazard areas
*Random spot checks not adequate
considering the life/safetyrisks in some
areas.
Serious Likely 4 3 12 *Installation of electronic door locks (proxy
cards) will allow 24/7 security control as only
authorized users will have access to the area.
John Doe $3,000 3/14/2015
1 #N/A #N/A #N/A
2 #N/A #N/A #N/A
3 #N/A #N/A #N/A
4 #N/A #N/A #N/A
5 #N/A #N/A #N/A
6 #N/A #N/A #N/A
7 #N/A #N/A #N/A
8 #N/A #N/A #N/A
9 #N/A #N/A #N/A
Identification Assess and
Prioritize
Take Action –
Mitigate or Accept
Risk Inventory
20. Identification of Risk
Identify Risks
Financial Risk - unplanned losses or expenses
Service Delivery/Operational Risk - lapses in continuity of operations
HR Risk – Employment practices; retention
Strategic Risk – untapped opportunities
Reputational Risk – damage to relationship with community at large
(loss of revenue)
Legal/Compliance Risk – noncompliance with statutory or regulatory
obligations
Technology/Privacy Risk – threats to and breaches in IT security
Governance Risk – wide-spread non-compliance with policies and
standards
Physical Security/or Hazard Risk – harm or damage to people, property
or environment
21. A B C D E
Risk Number Risk Short Name Risk Description Existing Risk Controls/Measures in Place Outcome
1 Access To High
Hazard Areas
The risk of unauthorized access
to hazardous areas outside of
normal business hours
Perimeter doors have mechanical
locks that are randomly spot
checked by police after normal
business hours.
*Some buildings with high hazard areas are open to
the public, increasing the chances of unauthorized or
accidental access to high hazard areas
*Random spot checks not adequate considering the
life/safety risks in some areas.
2
Risk #2
3
Risk #3
4
Risk #4
5
Risk #5
6
Risk #6
7
Risk #7
8
Risk #8
9
Risk #9
Identification of Risks – Creating a Risk Inventory
22. Risk Assessment – Consider Impact and Likelihood to
Prioritize Risks
Likelihood of a risk event occurring
5 Expected: Is almost certain to occur
4 Highly Likely: Is likely to occur
3 Likely: Is as likely as not to occur
2 Not Likely: May occur occasionally
1 None/Slight: Unlikely to occur
Impact - level of damage sustained when
a risk event occurs
5 Critical: Threatens the success of the
project
4 Serious: Substantial impact on time, cost
or quality
3 Moderate: Notable impact on time,
cost or quality
2 Minor: Minor impact on time, cost or
quality
1 Insignificant: Negligible impact
Slide 22
Prioritize
23. F G H I J
Impact Likelihood Impact Score
Likeli-
hood
Score
Net Score
Serious Likely 4 3 12
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
Assessing Risks – Considering the Likelihood and Impact
Scoring risks
Impact:
Critical - 5
Serious - 4
Moderate - 3
Minor - 2
Insignificant - 1
Likelihood:
Expected - 5
Highly Likely - 4
Likely - 3
Not Likely - 2
None/Slight - 1
24. Risk Mitigation Actions Responsibility Cost Estimate
Resources
Needed
Target Date for
Completion
Mitigation
Complete
*Installation of electronic door locks
(proxy cards) will allow 24/7 security
control as only authorized users will
have access to the area.
John Doe $3,000 3/14/2015
Mitigating or Treating Risks – Accept? Alter? Transfer? Decline?
K L M N O
Take Action
25. Risk Number Risk Short Name Risk Description
Existing Risk Controls/Measures
in Place
Outcome Impact Likelihood
Impact
Score
Likeli- hood
Score
Net Score Risk Mitigation Actions Responsibility Cost Estimate
Resources
Needed
Target Date for
Completion
Mitigation
Complete
EXAMPLE Access To High Hazard Areas The risk of unauthorized
access to hazardous areas
outside of normal business
hours
*Perimeter doors have
mechanicallocks that are
randomly spot checked by police
after normal business hours.
*Some buildings with high hazard areas
are open to the public, increasing the
chances of unauthorizedor accidental
access to high hazard areas
*Random spot checks not adequate
considering the life/safetyrisks in some
areas.
Serious Likely 4 3 12 *Installation of electronic door locks (proxy
cards) will allow 24/7 security control as only
authorized users will have access to the area.
John Doe $3,000 3/14/2015
1 #N/A #N/A #N/A
2 #N/A #N/A #N/A
3 #N/A #N/A #N/A
4 #N/A #N/A #N/A
5 #N/A #N/A #N/A
6 #N/A #N/A #N/A
7 #N/A #N/A #N/A
8 #N/A #N/A #N/A
9 #N/A #N/A #N/A
Identification Assessment Mitigation
or Treatment
Risk Inventory
27. Risk Level Action and Level of Involvement Required
Critical Risk
Inform Cabinet
Immediate action required
High Risk
Inform division Vice President
Attention is essential to manage risks – provide report to VP as
directed
Moderate Risk
Inform relevant administrators
Mitigation and ongoing monitoring by managers is required
Low Risk
Accept, but monitor risks
Manage by routine procedures within the program or department
Risk reporting and communications
28. Personnel Resources
• Average time to fill vacant positions
• Staff absenteeism /sick time rates
• Percentage of staff appraisals below
“satisfactory”
• Age demographics of key managers
Information Technology
• Systems usage versus capacity
• Number of system upgrades/version releases
• Number of help desk calls
Finance
• Reporting deadlines missed (#)
• Incomplete P&L sign-offs (#, aged)
Legal/Compliance
• Number and cost of litigated cases
• Compliance investigations (#)
• Customer complaints (#)
Audit
• Outstanding high risk issues (no., aged)
• Audit findings (no., severity)
• Revised target dates for clearing findings (no.)
Risk management
• Risk Management overrides
• Limit Breaches (#, amounts)
Monitoring and Reassessing – Examples of Key
Risk Indicators
Monitor and
Reassess
29. Excellent
• Advanced capabilities to identify, measure, manage all risk exposures within tolerances
• Advanced implementation, development and execution of SRM parameters
• Consistently optimizing risk adjusted returns throughout the organization
Strong
• Clear vision of risk tolerance and overall risk profile
• Risk controls in place for most major risks
• Robust processes to identify and prepare for emerging risks
• Incorporates risk management and decision making to optimize risk
Adequate
• Risk controls in place for some of identified major risks
• May lack a robust process for identifying and preparing for emerging risks
• Performing solid classical “silo” based risk management
• No fully developed process to optimize risk opportunities
Weak
• Incomplete control process for at least major risk
• Inconsistent or limited capabilities to identify, measure or manage major risk exposures
Monitor, Measure and Report SRM
Implementation Progress
30.
31. Ask questions and develop your approach
Do we understand our major risks? Do we know what
is causing our risks to increase, decrease or stay the
same?
Have we assessed the likelihood and impact of our
risks?
Have we identified the sources and causes of our
risks?
How well are we managing our risks?
Are we trying to prevent the downside of risk, or are
we seemingly trying to recover from them?
32. Considerations back at the office
Why is the organization interested in SRM? What are we
hoping will be achieved with its implementation?
Who is doing what? Roles and responsibilities must be clearly
defined. Leadership must support SRM and use SRM results to
when making decisions. Everyone is a risk manager. Make sure
that all risks have owners and the responsibilities for mitigation
are assigned.
How will it be implemented? What is your framework? How
will risks be measured and reported? Who is your champion?
Where will you start? Where you can most easily succeed, or
where it is needed the most?
When will it be implemented? SRM is a journey, not a
destination; risks should be continually assessed and mitigation
methods re-considered. Change is inevitable; recognize new
risks and opportunities.