Implementing Risk Management - Risk Manager’s Guide

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Authors
Corporate Authors
Defence Research and Development Canada, Centre for Security Science, Ottawa ON (CAN)
Abstract
A risk management process – one that is part of an organization’s everyday decision-making – provides the organization with the tools to manage uncertainty. A risk to an organization is defined as an event or circumstance that may prevent it from achieving its objectives. When managers are aware of the factors that may prevent them from achieving their objectives, they can focus resources and funding in the manner that is most consistent with those priorities. The framework of risk management helps organizations anticipate the impact of risk events, so that decision makers can respond proactively. Risk events may have a variety of consequences – they may affect an organization’s reputation, its people and its ability to provide services and to comply with legal obligations. Risks also affect public health, the environment, the economy and infrastructure. Risk management helps organizations develop a comprehensive understanding of these impacts. Risk management can also help identify interdependencies between departments. Risk events may affect multiple departments; by recognizing shared risks and identifying opportunities for shared mitigation strategies, the framework helps to minimize organizational silos. By improving the effectiveness and consistency of governance and reporting, an organization with established risk management procedures is also better able to comply with legal, regulatory, and assurance or auditing requirements.
Keywords
enterprise risk management;risk assessment;risk management;risk
Report Number
DRDC-RDDC-2015-C121 — Contract Report
Date of publication
01 Jun 2015
Number of Pages
24
DSTKIM No
CA040492
CANDIS No
801692
Format(s):
Electronic Document(PDF)

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