Creating a Comprehensive Risk Management Plan: A Step-by-Step Guide
Learn how to create a comprehensive risk management plan with this detailed guide.
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Risk Management and Monitoring
The success of your risk strategy hinges on effective day-to-day risk management and control execution. In order to achieve your strategic objectives, it is crucial to closely monitor potential risks and effectively manage your capital and liquidity resources.
Your executives and employees, while facing increasing strategic and operational demands, will also have to get ready to respond to unexpected challenges.
From operational risk management to financial risk management, or technology and strategic risks, you will have to constantly identify new and emerging risks, re-assess existing risks, adapt your controls, and monitor their current risk level against your risk appetite and tolerance.
These factors have significant implications for internal resources, such as personnel, technology, financial resources, and liquidity. It is important to review your mitigation strategies, such as risk insurance, and evaluate how well your control environment can identify and prevent risks from manifesting in unexpected and potentially harmful ways.
Our teams of risk practitioners and ex-regulators will lend you their expertise and insights to effectively manage and monitor your risks, whether through targeted support or on an ongoing basis.
How does this work?
1
Risk Identification and Assessment
Continuously identify new risks and reassess existing ones to ensure they align with your risk appetite and tolerance.
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Operational and Non-Financial Risks: Identify and assess risks related to daily operations.
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Financial Risks: Evaluate market, credit, and liquidity risks.
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Technological and Cybersecurity Risks: Address risks associated with technology and digital transformation.
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Strategic Risks: Monitor risks impacting long-term goals.
2
Risk Mitigation and Control
Develop and implement policies, procedures and strategies to mitigate identified risks and ensure effective control environment.
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Control Environment: Enhance / implement control standards and assess their effectiveness in preventing and identifying risks.
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Risk Insurance: Reassess your risk insurance strategies to ensure adequate coverage.
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Risk remediation: Design and implement targeted risk remediation programmes / activities
3
Monitoring and Reporting
Regularly monitor risk levels and report on their status to ensure they remain within acceptable limits.
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Risk Reporting: Utilise data analytics for real-time risk monitoring and prepare insightful governance, including Board, reporting.
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Compliance: Ensure ongoing regulatory compliance and assess control environment's effectiveness in preventing and detecting issues and breaches.
4
Resource Optimisation
Optimise internal resources to support effective risk management.
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Capital and Liquidity: Assess and manage capital and liquidity resources.
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Technology and People: Integrate advanced technology solutions for risk management.
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Risk Management and Monitoring
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