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The enterprise risk management process includes risk identification risk evaluation and taking appropriate action to manage risk exposure.
Appropriate risk exposure management could include tolerating the risk as a necessary part of doing business. Alternatively you may decide to treat the risk or transfer it to other party or entity. Lastly your risk appetite or risk tolerance may necessitate terminating the enterprise activity due to the type size and likelihood of the risk event happening.
Whatever you decide is appropriate action for your enterprise it is important to adequately resource the risk controls you settle upon.
The risk controls you put into action may not be enough. Maybe they were enough in terms of your assessment of the risk but the risk event still happens. Your risk assessment process needs to incorporate reaction planning to risk events or changing risk information or changing risk tolerance.
Quality reporting and monitoring of your risk management performance is essential to keep your risk exposure aligned with your business objectives changing external risk events and other external changes including regulatory changes.
You will need to review your risk management process periodically to ensure it still works well for your business objectives.
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