Are you effectively managing risks to ensure strategic goals can be achieved?
The purpose of risk management is to support more informed decision-making – effective risk management aims to increase the certainty that an organisation’s purpose will be achieved
Risk management is the process of identifying, assessing, monitoring and developing strategies to manage risks
By understanding potential risks to your organisation and finding ways to minimise their impact, you will be positioned to take advantage of every opportunity and protect your organisation’s future.
The Highwire Group can assist organisations to establish and strengthen their risk management practice. For example:
- Risk Management Workshops
- Business Continuity Planning
- Risk Committee Terms of Reference
- Reviewing and Developing Risk Frameworks and Policies
- Analysing Project Risk
The Governing Body’s Risk Management Responsibilities
Recognising and managing risk is a crucial part of the role of the governing body. It is ultimately accountable for the oversight of the organisation’s risk management framework, structure and processes, risk policies and strategies, and review.
Establishing a Framework
The Risk Management Framework provides direction on systems and requirements at both governance and organisational levels to make sure your organisation competently manages its risks.
A Risk Management Framework is a set of components that provide the foundations for designing, implementing, monitoring, reviewing and continually improving risk management throughout the organisation
Structure, Process and Skills
Good policies and procedures can assist the governing body, management and staff to ensure risks are managed well. The governing body needs to be satisfied that their risk policies and procedures:
- Include procedures that will identifying risks
- Provide guidance on a reasonable balance between risk and impact (cost)
- Ensure you are adequately protected if the worst happens.
Sometimes a sub-committee can take responsibility for monitoring and reviewing policies and procedures with the aid of staff.
See our Document Review and Development page to see how we can help you with your policies and procedures and other documentation.
Cost:
- Prices for all our customised services are negotiated with you
- Indicative cost for documentation services is $100-$150/hour
Structure, Process and Skills
To function effectively, the risk management process requires involvement at governance and senior levels, allocation of responsibilities, resources for training and the development of improved stakeholder potential risk awareness.
It is important to have members of the governing body with expertise in the industry who can help anticipate what’s to come.
Having diverse skills, backgrounds and experiences on the governing body is vital to have the capability to manage a broad range of risks
Risk policies and procedures need to be consistent with the organisation’s strategic priorities, operational obligations and risk appetite
Highwire can help you develop your Risk Management Plan and undertake a business impact analysis to support business continuity
Cost:
- Full day workshop at your place: $1800
(5% discount for small organisations with less than 10 staff) - Negotiated cost for personalised program
Risk Management Plan
Your Risk Management Plan should detail your strategy for dealing with risks specific to your organisation.
It’s the governing body’s role to ensure there is a current Risk Management Plan. It would also include the measures you have put in place to cope with the consequences when things go wrong.
It’s important to allocate resources for preparing a Risk Management Plan and a business impact analysis.
Effective risk management enables the organisation to:
- Challenge assumptions in your decision-making
- Take actions that will increase the likelihood of achieving your outcomes
- Identify early signs that risk events may occur and guide your pre-emptive actions
- Learn from successes and difficulties to improve decision-making over time
- Consider whether previous decisions remain valid and, if necessary, revise them
Monitoring, Review and Update
It is important to continually assess the risk governance structure as organisations face new risks every day
Risk management is not a separate activity of the governing body, rather it should become integral to the oversight and management of the organisation as a whole. The Risk Management Framework and Risk Management Plan should be reviewed regularly.
The governing body should also monitor the outcomes of decisions they make, the changing circumstances, and the organisation’s commitment to risk reduction:
- Is it clear about how risk is managed?
- Is the risk management framework working for the decisions you need to make?
- How well has risk management been applied to past decisions?
- Do amendments need to be made?
The Highwire Group can provide workshops, advice and training based on the International and Australian Standard ISO 31000:2018 Risk Management –Principles and Guidelines
See our Risk Management Support page for more details.
Cost:
- Full day workshop at your place: $1800
(5% discount for small organisations with less than 10 staff) - Negotiated cost for customised program
CONTACT US
Wherever you are, we’ll get back to you promptly.