641 words, 2.4 minutes read.
ISO 31000 Risk Management 1 big thing: Effectively communicate with all levels of your organization on information security related matters.
The big picture: Drive continued development and building of a risk management culture through coordination of employee awareness and training programs that emphasize the importance of risk management in all aspects of business operations and corporate decision making.
Why it matters: Assure your staff creates strategic roadmaps for transitioning to target enterprise future state, in alignment with business and technology goals while analyzing client requirements and collaborating with R and D divisions to provide ongoing support.
Be smart: Secure that your workforce is developing, maintaining, and continually improving key aspects of an ERM program, such as enterprise risk reporting (board level reporting), risk appetite, risk identification and measurement, enterprise issue management, risk assessment methodology, emerging risk, and risk committee structures.
Between the lines: Make headway so that your organization assists and provides support for information requests from various lines of business to update key performance indicators and key risk indicators.
Yes, but: Support development and ongoing maintenance of departmental risk and governance management tools; effectively utilize tools to produce and distribute fully accurate key risk reporting and consistently evaluate tools for enhancement.
Go deeper: Develop experience working hands on with cross functional teams legal, engineers, product managers, data analysts, operations analysts in assessing processes, risks and controls.
Meanwhile: Oversee that your team provides leadership and project management across multiple enterprise and clinical teams to ensure timely and effective completion of integration activities.
What we’re hearing: “Review proposal with Business Unit product development team focusing on construct of new products including risk profile, legal documentation, regulatory requirement, operational process, and other pertinent matters for credit and market risk.”
State of play: Safeguard that your strategy functions include development and oversight of governance procedures, risk modeling and analytics, regulatory strategy and the integration of risk into operational strategy, forecasting and work prioritization.
The backdrop: Secure that your workforce communicates audit results and recommended actions to management, and determines if appropriate and timely action is being taken for significant items previously reported.
How it works: Develop a comprehensive view of your organizations risk profile by identifying material risks of your organization and assessing those risks quantitatively and qualitatively.
Under the hood: Establish, implement and provide oversight for ongoing vendor performance, risks and issues management with the utilization of vendor performance dashboards, scorecards and/or reports.
A MESSAGE FROM THE ART OF SERVICE
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What they’re saying: “Oversee that your personnel implements multiple complex projects focused on ongoing management/maintenance of the enterprise-wide risk management frameworks that establish policies, protocols and procedures related to risk identification and risk appetite, and for aggregating and analyzing risk data, assessing risk data and developing, recommending and implementing improvements.”
The bottom line: Make sure the pm provides oversight and effective challenge by working with business leaders in their respective portfolio in all aspects of operational risk management (process, people, and systems) and control framework and policy requirements.
What’s next: Work with risk owners for updating risk registries and related risk mitigation and management plans; make recommendations directly to the SVP, ERM on your organizations management and monitoring of risks.
ICYMI: Operate a rhythm of the business for managing risk management and mitigation; guide process owners in implementation of mitigation strategy and implement processes to monitor and report on success.
A MESSAGE FROM THE ART OF SERVICE
Get started: store.theartofservice.com/ISO-31000-Risk-Management-critical-capabilities/