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It is critically important, as you start your risk journey, that you start on a good footing.
The importance of culture cannot be overstated in risk management journey. It is important to create a culture in your organisation that sees risk management as central to what you do and in the interest of all stakeholders.
Creating a positive risk management culture starts with the owners/ leaders of the organisation.
This starts with the owners/ directors formally drafting (you can use our simple template) and adopting a risk management policy.
This formal adoption not only places the risk management on the agenda of the leaders of your organisation, but also sends a powerful message to the rest your organisation on the importance of creating a positive risk management culture. Failure to draft and formally adopt a risk management policy (at the highest levels) and then to communicate this will undermine your risk management efforts as it may be interpreted as a lack of commitment
It is then important for you to have all the risk management governance elements in place. A key element involves the appointment of a suitable risk management champion. This is the person who will drive and manage your risk management efforts. It is VITAL that this person is not only committed to the task but is respected (and ideally fairly senior) within the organisation as they will need to co-opt others to assist with the risk management efforts.
While we understand that this may be the start of your risk management journey, we urge you to first ensure that all the risk management governance elements are in place e.g. Risk Management Policy, Risk Management Resolution, Appointment of Risk Champion and Risk Management Plan. Not having these in place may well undermine your risk management efforts.
Proceed to Risk Management Governance Area.