Risk management requires “…well-established and effective functioning processes to regularly identify exposures, assess the related risks, establish the associated controls, and assess key controls and management issues and actions” (Rezaee, 2008)
Organisations use risk management strategies to try and mitigate (reduce or eliminate) risk.
Self-assessment:
- Have you conducted a risk assessment?
- Have you established your risk appetite (how much you’re willing to digest) and risk tolerance (how much you can digest before feeling sick / about to burst)?
- What is your company doing to mitigate risks?
- How much time do you spend discussing risk management?
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