Business Risk Management

Identify relevant risks

Consider operational, financial, technology, compliance and third-party exposures. Use realistic scenarios rather than treating all risks as equally likely.

Assess and respond

Estimate likelihood and impact, then decide whether to reduce, transfer, avoid or accept each risk. Record ownership and rationale.

Review the risk register

Risks evolve with the business. Revisit assessments after material changes, incidents and new regulatory requirements.

Practical review checklist

• Define the business objective and the owner accountable for decisions.
• Document the current position and relevant dependencies.
• Assess security, operational and legal implications before making changes.
• Set measurable outcomes and a date to review results.
• Maintain records of approvals, exceptions and lessons learned.

These are general considerations; the appropriate approach depends on the organization, sector and applicable requirements.

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