What should a typical risk management framework include?
Should an organisation develop a single integrated risk management framework document or is there a better way to integrate risk management into business processes and corporate culture? Download free risk management book at https://www.risk-academy.ru/en/download/risk-management-book/
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ISO31000 Integrating Risk Management
Alex Sidorenko, known for his risk management blog http://www.riskacademy.blog, has created a 25-step program to integrate risk management into decision making, core business processes and the overall culture of the organization.
I agree that risk should be integrated into individual business area policies and processes, but the assumption here is that all business activities are always covered by a policy or procedural document. This is not always the case, particularly for one-off activities or new strategies/technologies etc. This is why a robust Risk Management Framework/Policy is still required. Risk Management needs to be employed across all business activities in a consistent manner, ensuring that risks are quantified, validated, treated and monitored, and roles are clearly defined etc, not just major or established business activities. Short answer – My belief is a combined approach required.