Contents of a Risk Management Policy
Riskpro India is pleased to share its expertise in designing a unique Risk Management Policy for the SME segments and smaller businesses who may not benefit from a full blown risk management framework.
Sample Contents - Index of a Risk Policy The following is a typical Content of a Risk Management Policy. It is to be noted that not all the sections are applicable for each entity. It is a careful selection and importance of each section that is crucial to develop it for your entity.
Contents
1. Introduction
1.1 Objective
1.2 Benefits of Risk Management
1.3 Risk Management Principles
1.4 Components of a Sound Risk Management System
2. Risk Management Framework Overview
3. Risk Governance and Risk Organization
4. Roles and responsibility of the Risk Organization
4.1 Board
4.1.1 Responsibilities of the Board
4.2 Risk Management Committee
4.2.1 Responsibilities of the RMC
4.3 Risk Management Head / CRO
4.3.1 Responsibilities of the Head - Risk Management
4.4 Business Unit Heads and employees of the organisation
4.4.1 Responsibilities of the each Division and Function
5. Risk Appetite
5.1 Risk Strategy
5.2 Risk Management and Budgeting / Business Planning
5.3 Risk Tolerance
6. Risk Management Process and procedures
7. Risk identification
7.1 Top down approach
7.2 Risk Identification at strategic and process level
7.3 Risk categorization
7.4 Risk Register
7.5 Maintenance and Regular updates to Risk Register
8. Incident Reporting / Loss Reporting
8.1 Definition of an Incident
8.2 Purpose of Incident reporting:
8.3 Incident Reporting Process
8.4 Senior Management Reporting and Analyzing incidents
9. Risk Assessment
10. Risk Prioritization and Mitigation
10.1 Risk Prioritization
10.2 Risk Mitigation
10.3 Risk Treatment
10.4 Adequacy of Insurance
11. Risk Monitoring
11.1 Risk Mitigation Action Plan
11.2 Key Risk Indicators (KRI)
11.3 KPI Framework
12. Risk Reporting
12.1 Risk Escalation
12.2 Quarterly Review of Risk Management Framework
13. Risk management as part of the Internal Control framework
13.1 Independent Internal Audit function
14. Risk Management Culture, Training and Awareness
15. Risk Management requirement as per Clause 49
16. Ownership and Review of Policy
17. Annexure 1: Risk Guidelines for Specific Risk Types 18. Annexure 3: Risk Assessment: Rating Scales 19. Annexure 5: Sample Risk Appetite Statements 20. Annexure 5: Formats of Key Risk Reports
Riskpro India develops a Risk Management Toolkit
Riskpro India has a first move to develop a unique risk management policy for Indian SME segments. The policy and related documents are well defined to cater to companies of all sizes. Please contact manoj.jain@riskpro.in or phone at 98337 67114 to know about the price of the Risk Management Toolkit and how you can obtain a copy of the risk management policy. Download Risk Management Toolkit - Brochure