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Risk Management Framework
Transcript of Risk Management Framework
Risks are uncertain future events, which may impact our ability to achieve our business objectives - the clearly define targets, or outcomes, that allow us to measure our success in achieving our goals.
An event is different from a risk in that....
A risk is something that COULD happen,
An event is something that HAS happened and would be managed as an Incident.
Think about the cartoon rocket for example...
is it 'could' crash while attempting to land....
An event or Incident is when it happens...
Do you lock your door when you leave the house?
Do you have MOT and services on your car?
Did you answer yes?
Then you are managing risks every day.
Our business works hard to mitigate risks...
What is the Enterprise Wide Risk Management Framework (EWRMF)?
Risk Management Framework - 'Three Lines of Defence'
The Three Lines of Defence governance model ensures we are all responsible and accountable for...
Identification, Measurement, Management, Monitoring and Reporting of Risks.
Another Good question....
The EWRMF sets out how we manage Governance, Risk and Compliance throughout the organisation and how the framework will be maintained.
1st Line - Business Operations
2nd Line - Enterprise Risk, Compliance & Legal
3rd Line - Internal & External Audit
Responsible for performing primary business functions for the identification of risks and the implementation and adherence of controls.
Responsible for Risk policy information, overseeing its deployment and assuring the key controls operated by the 1st Line
Independent assessment and challenge providing assurance of the effectiveness of the controls deployed by both the 1st and 2nd lines.
What does this mean to you?
YOU are the first line of defence.
As you perform your role, handling calls, emails from customers, think how you can help identify, reduce and prevent incidents which could lead to customer detriment or negatively impact the business
If you are already aware of any potential risks then please speak to your line manager.
What is a risk?
Risk is the main cause of uncertainty in any organisation, Companies increasingly focus on identifying risks and managing them before they can affect the business.
There is a risk that ‘someone’ could come into your house and take your belongings, so you manage that risk by putting a control in place of making sure your doors and windows are locked.
There is a risk that your car could break down on the way to work, so you manage that risk by putting a control in place of your MOT and service.
Risk for our business - is a probability or a threat of customer detriment, reputational damage, loss or any other negative occurrence.