Risk Manager Jason Adamson knows that risk is more than just a board game.
Here are 8 steps to evaluate workplace situations, procedures, events, etc. for risk.
- Internal Environment – Determine risk management philosophy, appetite, integrity and ethical values.
- Objective Setting – Align risk management objectives with the organization’s mission and appetite. – Begin with the end in mind.
- Event Identification – Identify internal and external events that will affect the achievement of objectives.
- Risk Assessment – Analyze risks, considering likelihood and impact.
- Risk Response – Select how to respond to the risks identified.
- Control Activities – Establish policies and procedures to carry out effective risk responses.
- Information & Communication – Use effective communication that flows down, across, and up the organization.
- Monitoring – Make modifications through ongoing monitoring of the risk management process.