652 words, 2.4 minutes read.
ISO 31000 Risk Management 1 big thing: Perform business impact analysis and criticality assessments, in conjunction with enterprise risk management.
The big picture: Sponsor the legal working groups to promote the identification and monitoring of operational risk matters and escalation of significant risk matters to the legal risk committee.
Why it matters: Make certain that your process assists and provides support with the department budget function by inputting actual expense results from the Finance Profitability reports into the Risk Management budget spreadsheet to perform variance analysis, which is utilized by cost center managers and the Chief Risk Officer to provide updated Risk Management Division budgets to Finance with priority.
Under the hood: Invest in maintaining an effective enterprise risk management program by ensuring that all performance, documentation, follow up and organization is conducted in accordance with department standards.
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Be smart: Establish an IT risk management framework and working closely with technology and business stakeholders oversee the regular evaluation of the technology landscape and the identification of the top technology risks across the continually evolving internal and external technology ecosystem.
What to watch: Make sure there is involvement in working with or contributing to development of an ERM or Technology Risk framework in a dynamic and complex organization.
On the flip side: Warrant that your organization engages, consults, and supports across corporate divisions to generate meaningful analysis and strategic action, produce business recommendations, and identify and act on risk and strategy opportunities.
Go deeper: Make sure your staff manages, monitors, and identifies program and project level risks and issues; develops related risk mitigation plans; maintains the risk register.
Between the lines: Certify your group is contributing to the generation of new business opportunities for enterprise risk to develop long-term client relationships, understand the changing business and regulatory environment and actively assessing/presenting ways to serve (internal) clients.
The backdrop: Ensure you primarily raise capital at the holding organization level to provide the best risk adjusted returns to your investors, while allowing you to quickly adapt your allocations as market conditions change.
How it works: Make sure the organization partners with business operations to ensure proactive risk/issue identification, establishment of controls and monitoring, effective remediation of issues, appropriate risk/issue awareness and escalation, always-on audit readiness, and securing the achievement of business objectives.
What they’re saying: “Secure that your organization conducts an enterprise wide risk assessment on a bi annual basis, or sooner if business model requires it in collaboration with Compliance team.”
What we’re hearing: “Make sure your personnel is establishing key performance indicator levels and Key Risk Indicators through active engagement and monitoring of critical processes and functions.”
Yes, but: Lead the strategy, design, and architecture of a comprehensive Enterprise Risk Management program (ERM) to ensure key decisions align with the risk taking philosophy of the enterprise.
The bottom line: Secure that your strategy participates in new activities with appropriate business and technology groups, resulting in recommendations to enable timely, effective decisions regarding risks.
What’s next: Work closely with data process owners and IT project stakeholders to clearly understand solutions being implemented and provide guidance on control requirements risk mitigation actions and associated risk of non-compliance.
ICYMI: Make sure your process enhance enterprise risk management based on feedback received from various 3rd party reviews, audits, certification activities and especially in conjunction with the creation/launch of new products, services, features, etc.
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