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Risk Management Toolkit - How to develop a strong Risk Management Framework
Risk management is essential for all organisations of all sizes. Despite this, many companies are still not proactive in establishing such frameworks. Some that do adopt some form of Risk Management usually do not implement as per best practices. The goal of this toolkit is to familiarise you with the Best Practices of Risk Management, why Risk Management helps and organisation and most importantly...How you can implement a robust Risk Management Framework with the help of this Toolkit.
Riskpro India has taken a “First move” to introduce a unique Risk Management Toolkit to help SME and midsized companies to adopt Risk Management Frameworks typically found in large organisations.
The Risk Management Toolkit is designed to help you and your firm to formulate and implement appropriate procedures and policies to identify, mitigate and manage risk.
The toolkit is a practical guide to help anyone with an interest in improving their risk management. If you want to help your organisation achieve its objectives, improve your risk management performance and communicate the benefits of risk management then this toolkit will help you. It contains all that you need to implement an effective Risk Management Framework at your organisation. It includes practical examples that will help you deliver risk management in a right way.
The toolkit is an aid to improving your risk management performance, not a ‘one-size fits all’ package. Instead we offer examples and inspiration from other organisations and the underlying principles of good practice. Please note that by implementing the Toolkit, we go not guarantee that you will have a foolproof framework. Instead, we are confident that you will significantly improve your existing practices and highly likely to better manage risks including substantial cost savings.
• Toolkit Main Document (this Document) – How to introduce Risk Management at your organisation
• Risk Management Framework – Based on Best Practices
• Risk Management Policy
• Forex Risk Management Policy
• Risk Register – Repository of major risk factors typical to most organisation
• Other Tools and Templates for Risk Management
o Risk Reporting Dashboard and Report Formats
The Toolkit enables you to manage risk at three levels.
• Strategic risk - impacting the viability and success of the business
• Operational risk - arising from the work conducted by the business
• Regulatory risk - relating to the need to comply with the rules and regulations
Aims of the Toolkit
The toolkit could be used as a tool to provide a means to enhance existing frameworks. The tool can also be used to benchmark existing framework with best practices.
The toolkit is designed to be comprehensive and almost off the shelf product with very little customisation. In case companies do not have any existing framework, its goal is also to help substantially save time and efforts in implementing a comprehensive framework. It acts as a source of key building blocks to enable an organisation to identify, assess and manage risk, and be a useful training tool.
Who should use this Toolkit
This toolkit is primarily targeted at risk managers or equivalent and designed to assist them to better embed risk management practices within their respective organisations. The guide may also be used by other stakeholder groups including the board, executive, and employees during the execution of their risk management responsibilities.
Is this toolkit fit for me. Am I too small or too large
The guide is primarily developed for organisations of all sizes, but with a bias towards larger organisations. However, the majority of the content is applicable to smaller organisations and these smaller organisations are likely to see a significant improvement in business function on adoption of risk management. Some of the more ‘advanced’ risk management framework attributes may not be feasible or appropriate for smaller organisations.
The guide is developed to support organisations with varying degrees of risk management maturity, recognising that risk management is a continuous journey. The guide includes a number of examples aimed at illustrating how organisations with less mature risk management practices can incrementally enhance and progress their risk management frameworks.
Queries and updates – key contacts
To learn more about the toolkit, a demo and any other queries, please contact Manoj Jain (+91-98337 67114) or by email at firstname.lastname@example.org