RISK MANAGEMENT POLICY RISK MANAGEMENT POLICY SHOULD INCLUDE

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RISK MANAGEMENT POLICY

RISK MANAGEMENT POLICY

RISK MANAGEMENT POLICY SHOULD INCLUDE THE FOLLOWING SECTIONS SUCH AS� Risk management and internal

RISK MANAGEMENT POLICY SHOULD INCLUDE THE FOLLOWING SECTIONS SUCH AS� Risk management and internal control objectives. � Statement of attitude of the organization to risk (risk strategy). � Description of control environment. � Level and nature of risk that is acceptable. � Arrangements for communicating risk information. � Standards procedure for risk recognition and rating (risk assessment)

� Allocation of risk management roles and responsibilities. � Criteria for monitoring and benchmarking

� Allocation of risk management roles and responsibilities. � Criteria for monitoring and benchmarking risks. � Allocation of appropriate resources. � Risk priorities and performance targets. � Risk management calender for coming year.

RISK MANAGEMENT DOCUMENTATION � Record 1. 2. 3. 4. of risk management activities. Risk

RISK MANAGEMENT DOCUMENTATION � Record 1. 2. 3. 4. of risk management activities. Risk management administration. Risk response and improvements plans. Event reports and recommendations. Risk performance and certification reports.

IMPORTANCE OF RECORDS. � Reduce the time spent by the staff looking for information.

IMPORTANCE OF RECORDS. � Reduce the time spent by the staff looking for information. � Facilitates the effective sharing of information. � Reduces the unnecessary duplication of information. � Identifies how long records need to be kept. � Supports risk management and business continuity planning.

DESIGNING A RISK REGISTER Format for basic risk register Risk Inde x Risk Discription

DESIGNING A RISK REGISTER Format for basic risk register Risk Inde x Risk Discription Current level of risks Likelihood Magnitude overall rating 1. Serious traffic Low accidents involving Medium the transport of fuel/ explosives. Anticipate fatalities and evacuation of 1 km radius, depending upon the substances involved. Potential for release of up to 30 tones of liquid fuel into local environment. High Controls in place 1. Police emegence plans. 2. Highway agency plans. 3. Local authority emergenc e plan. 4. Liaison with family of staff.

RISK MANAGEMENT RESPONSIBILITIES � Allocation of responsibilities � Risk management and internal audit. �

RISK MANAGEMENT RESPONSIBILITIES � Allocation of responsibilities � Risk management and internal audit. � Range of responsibilities � Statutory responsibilities of management. � Role of risk manager.

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