Business Risk Management Plan

Once in place, processes should be monitored by regularly verifying that process checks are functional and that process metrics demonstrate effectiveness. Once these processes are fully operational and demonstrated effective, it is time for Step 6: repeat the risk assessment / risk management process in order to address the next level of risks.

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Business Risk Management Plan

You may end up with a sizable list, but that is an expected risk assessment outcome – don’t let it intimidate you. It is unlikely that you will be able to address all the listed risks from your risk assessment at once.

This builds in the capacity to monitor the process’ effectiveness right into the process itself.

Once your process is defined, then it is communicated through policies and procedures, training, and work instructions.

Creating a matrix or graph of risks by likelihood versus impact is a great tool in finishing the risk assessment task and moving toward risk management.

For example, you could have the risk/internal control committee rank every risk item on the list for probability and impact.

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