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Risk management involves the identification, assessment, treatment and ongoing monitoring of the risks and controls impacting a firm. Here are six steps to build an effective enterprise risk management program: Pick a framework. During this step, you must involve all your stakeholders. Risk Matrix A tool for ranking and displaying risks by identifying ranges for consequence and likelihood. An enterprise risk management framework is a tool that can help a company identify, list, and rank potential risks to specific parts of the organization. Any public, private or community enterprise, association, group or individual can use AS/NZS ISO 31000: 2009, so it is not specific to any industry or sector. Management of the financial consequences of retained risks, which typically take the form of contingent liabilities, is discussed in chapter 2 of this PPP Guide, and control after the contract signature of the transferred and shared risks is covered in chapters 7 and 8. �� N _rels/.rels �(� ��j�0@��ѽQ��N/c��[IL��j��]�aG��ӓ�zs�Fu��]��U �� ^�[��x ��1x�p��f��#I)ʃ�Y��*D��i")��c$��qU��~3��1��jH[{�=E��~ establishing the context, and identifying, analysing, evaluating, treating, monitoring and reviewing risk. Establishing an operational risk framework in banking Lessons learned in operational risk management. This includes financial loss, property loss, accidents, etc. This diagram displays the key steps in undertaking a risk management exercise. Somalia – Risk Management for NGOs 5 of 46 This document provides guidance only. The core objective of this section is to understand risk allocation and structuring. This way, it will easy to categories your risks. 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