By OGC Office of Government Commerce
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Extra info for Management of Risk: Guidance for Practitioners
Sample text
The risk management process guide should be designed for the organization and be suitable for all types of activity across the organization. Governance boards, such as the audit committee or risk committee, may be responsible for determining the process that the organization adopts. Compliance with the process guide is typically one of the hurdles used to establish a satisfactory level of internal control. The risk management process guide should be reviewed and updated at least annually and always after the release of new legislation or government guidance affecting corporate governance, internal controls, financial management or the relevant regulatory regime for the sector.
4. Clarify risk management approach (policy, process guide and strategy) Refer to Chapter 3 for an explanation of the risk management approach and documents that should be prepared for the organizational activity in question. 5 Context tasks The process tasks will involve the examination of the activity information available. The information examined will vary according to the type of activity and whether it relates to the strategic, programme, project or operational perspective. 3. 4). 1 Identify the risks goals The goal of identify – identify the risks is to identify risks to the activity objectives with the aim of minimizing threats while maximizing opportunities.
1 Context inputs Input Explanation Regulatory framework and corporate governance requirements Depending on the activity under investigation it may be necessary to understand the organization’s regulatory framework and specific corporate governance requirements. Risk management policy The approach adopted for the context step should reflect the risk management policy and the required approach to management of risk, including recognition of the organization’s risk appetite. The approach should also accord with the principles to be used and the required approach to the allocation of accountability and responsibility for the management of risk across the organization.
