Establishing Context For Risk Management Process - 792 Words

Establishing context for the risk management process involves identifying the structure of the risk management process, including risk architecture, strategy and protocols (see Appendix, Figure 15.3.3). The company may use a FIRM Risk Scorecard to identify internal and external risk drivers that present the greatest potential for exposure (see Appendix, figure 15.3.4). Establishing context for risk criteria focuses on defining organizational standards for risk measurement and evaluation. Risk measurement develops procedures for estimating likelihood, consequences, and risk level; and identifies which categories will be used to classify risks. Risk evaluation includes understanding the prevailing risk attitude: â€Å"the organization’s approach to assess and eventually pursue, take, or refuse risk† (ISO/IEC, 2008). An organization may naturally be risk-seeking, risk-neutral, or risk-averse (see Figure 15.3.5). risk identification Once the context has been established, the first step of the risk assessment process is risk identification. Risk identification focuses on recognizing and documenting which hazards or opportunities could potentially impact business objectives. A description of each risk is recorded on a Risk Register. Risks can be identified in various ways. Managers may solicit team feedback via questionnaires or brainstorming sessions. SWOT matrices identify strengths, weaknesses, opportunities and threats; while PESTLE analyzes macro-level political, economic,Show MoreRelatedComponents of Risk Management Essay1667 Words   |  7 PagesRISK MANAGEMENT. Assessment 1: . Table of Contents: 1. Introduction. 2. Establishing the context 2.1 Internal Context 2.2 External Context 2.3 Work he 3. Risk Assessment and Mitigation Option 4. Communication and Consultation 5. Monitoring and Review. 6. 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