Building Fundamental Components of Your Risk Management Framework
A sound risk management plan will help you rest easier knowing that you have a playbook in place for managing your risks. It can also help demonstrate to your stakeholders and investors that your business is a sensible one. To them, it demonstrates that you have thought about what could go wrong and have a plan in pace to mitigate potential pitfalls.
Tutorial: Establishing Your Risk Management Framework
In this video, I provide an overview of the key components of a sound risk management framework and how they are inter-linked.
Tutorial: Developing Your Risk Taxonomy Categories
In this video, I explain what is a risk taxonomy and why identifying your risk categories is important for understanding your risk landscape.
Tutorial: Creating a Risk Matrix
I describe how to create a meaningful risk matrix using your likelihood and impact assessment thresholds.
Tutorial: Determining Your Risk Appetite
In this video, I explain what is a risk appetite and show you how to use your risk matrix to determine your risk appetite levels
Tutorial: Risk Management Governance
Over the course of this video, I review with you the three lines of defense for managing risks. Additionally, I share my views on when forming a risk committee would be appropriate and what should be discussed in such a committee.
Tutorial: Risk and Control Assessments
In this video, I will describe five steps that will help you assess your risks and controls in a smart manner. They include, assessing your inherent risk, identifying your controls, assessing your controls, assessing your residual risk, and taking risk mitigation steps if needed. Follow these steps, and you can be confident that you know the state of your risks.
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