Corporate Enterprise Risk Register
Enterprise risk management best practices can, though doesn’t need to, have an enterprise risk register. Identify and assess the critical risks to your business in a Risk Register as part of risk profiling process.
What’s in the active risk register and what’s should be in the active risk register is critical to the ease with which enterprise risk management can be used to make your business work better and the success of practical enterprise risk management.
Your Risk Register helps you to monitor and review the effectiveness of your risk management actions and the maturity of your enterprise risk management capability.
It also helps you to identify and articulate your risk appetite and risk tolerance to develop a more mature corporate enterprise risk management culture. When you are talking to stakeholders inside and outside your organisation, the risk register becomes a useful tool to focus minds on key internal and external risks to corporate objectives.
How you manage your business, make business decisions, set business strategy and plan to achieve business objectives, can all be facilitated by the drafting of your organisation’s risk register.
It is not much more than a risk management tool, as it does not itself manage risks better. It can effectively record the evaluation of corporate enterprise risks, but is not the only way to do this. Some organisation leaders don’t like using a risk register for risk profiling, as too much time can be wasted writing a risk register when the time could be better spent managing risk better.
A risk register can be used to help disseminate critical risk management information to those responsible for managing risk and train those affected by the risks. It can help a business plan for the future to reduce uncertainty’s effect on business objectives.
BusinessRiskTV.com Risk Register
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