Summary of the organisations risks This section should include the risk

Summary of the organisations risks this section

This preview shows page 75 - 78 out of 95 pages.

Summary of the organisation’s risks:This section should include the risk exposures present within the organisation, as demonstrated by the above graph. The graph includes:Residual risk: The remaining level of risks after risk measures have been undertaken.Under action: A plan is in place for the action to be done, including who is doing the plan, the resources needed, the costs and timing targets.Controlled: Refers to the level of risks that have been controlled and maintained at an acceptable level.Findings: The scope would probably need to be reviewed, so the progress is maintained within the Risk Management PlanDetailed assessment of the organisation's risks: A detailed report of the organisation’s Risk Management Plan should be shown on a bar chart, with individual appraisals of the risks. These should be demonstrated in the organisation’s risk register.
Background image
4.3 – Communicate risk management processes to relevant partiesCommunication of processesOnce you have completed your risk management action plan, you need to communicate the plan to the appropriate parties. The information communicated should align with the needs of the recipient. For example, a line worker would only need the information to perform their duties and tasks correctly. Line supervisors would need sufficient information to make sure that their team has the knowledge to perform their tasks correctly. This would also include making sure that their team had access to documentation and procedures, so that the empowered team member would be able to make informed and up-to-date decisions, with regards to their jobs and their work area.The information that will be communicated will vary between organisations and member’s roles and examples could include:Team members/contractors:otheir accountability for individual tasksounderstand how they can enable continuous improvement risk management responseounderstand that risk management and risk awareness are a key part of the organisation’s cultureoreport to senior management any failures or new risksLeading hands/supervisors:olevel of authorityorisk assessmentsorisk registerocommunicate risks to managementoensure policies and procedures are availableoensure team members are meeting obligationsoconsult with external sources and stakeholdersManagement:oauthorise risk management practices within their scope of authorityoliaise with external consultantsoindividual plan implementation
Background image
oreport to the risk management committee and/or senior managementounderstand that risk management is an ongoing part of the organisation’s cultureoperformance indicators that allow them to monitor their progress towards objectives and identify developments that require interventionotraining (allocation and confirmation of)Risk management committee:ocoordinating the regular formal updating of business unit and corporate risk registers and risk rreatment rction plans and compiling a master set;o
Background image
Image of page 78

You've reached the end of your free preview.

Want to read all 95 pages?

  • Two '17
  • sam

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture