Developing management of risk guidance handbooks and training materials

Ensuring the risk management function has a direct reporting line to a senior executive

Escalating risks from the programme, project or operational perspectives to higher levels as required

Making formal assessments of management of risk implementation in areas of concern

Stakeholders involved in an activity

Roles and responsibilities of those involved in an activity

Factors that may impact the activity

Net effect of risks identified during an activity

Impact of a secondary risk if it occurs

Likelihood of a risk occurring after completed risk response actions

Effect on objectives if a risk occurs before starting to tackle risks

Proximity of a risk after implementation of risk response actions

Ensure the availability of staff to implement the risk management strategy

Validate assessment of individual risks

Develop plans to improve risk management

Advise the senior team that the correct risk management roles exist

Risk progress report

Risk management process guide

Risk management policy

Risk register

Revise risk descriptions as necessary

Record identified risks

Identify risk owners

Update the residual risk exposure

Determine which other risks will occur if a risk occurs

Calculate the total risk exposure for the activity

Evaluate the effectiveness of risk management across the organization

Determine which risks are independent of other risks

Statements of internal control

International standard for risk management ISO31000:2009

Public Company Accounting and Reform and Investor Protection Act

Basel Accord (Basel II)

Corporate governance principles

Statement of internal control

M_o_R approach

Basel II

Gateway reviews

Benchmarking

Risk questionnaires

Brainstorming

Identify external factors that may have an effect on the organization's objectives

Create an understanding of a current market position

Identify long-term developments that could affect the organization's objectives

Provide an internal and external environmental analysis when used with other techniques

Informs decision-making

Facilitates continual improvement

Creates a supportive culture

Achieves measurable value

Ensure adequate resources are available to implement the risk management strategy

Ensure an escalation process is in place

Maintain ownership of the risk management policy

Develop plans to improve risk management

An issue has a short time-scale proximity and risk has medium- or long-term proximity

An issue impacts on quality, a risk impacts on benefits

An Issue is a risk that has occurred, a risk is yet to occur

A risk can impact on all activities, an issue impacts on project deliverables only

Identify the threats and opportunities facing the organizational activity

Estimate and agree the budget required to manage risks to the activity

Assess the effectiveness of the risk management processes within an organization

Determine the risks with the greatest effect on an activities objectives

Informs decision making

Facilitates continual improvement

Achieves measurable value

Provides clear guidance