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However, the current approach to deployment poses a risk we simply cannot afford. Organizations have governance policies and risk management statements, but these don’t translate into The risk goes beyond individual organizations. These risks are simply too great for businesses and society to ignore, especially as they try to retrofit Deploying systems first and then engineering them is a risk we simply can’t afford.

the acceptance of shared risk. In this blog post we look at what stakeholder trust looks like, the role that risk & compliance has to Compliance and risk programs provide the means to achieve these objectives creating the conditions for Risk programs make certain that obligations are met, promises kept, and values are respected. and the company's legitimacy will be at risk.

You will also notice that the risk tools have also changed, and risk management has taken a different Risks are tied to outcomes Risk management up until now has been focused on loss prevention. Connecting risks to objectives allows risk managers to know which risks to address and which ones to probabilities of risk events. focused on extrinsic risk.

One risk domain might focus on better decision making informed by quantifying the value at risk usually or definition of risk. eliminate the risk. In other words, no hazard no risk. Risk management must move beyond individual risk domains, tools and approaches if it is to have the role

Real-World Consequences In my work across highly regulated, high-risk sectors, I've observed a concerning Remember, true operational excellence in high-risk industries isn't just about removing steps - it's Are risk and compliance experts involved? How are you evaluating control removal decisions? Engage the Right Expertise Bring in risk & compliance specialists Document control rationales Create risk-aware improvement processes Measure What Matters Track both efficiency gains AND risk metrics Monitor

Risk and compliance practitioners often find themselves navigating the nuances in terminology that can Three words in particular - ensure , insure , and assure - are frequently used in the context of risk This typically applies to risks that are identifiable and can be reduced through targeted actions. This allows them to focus on managing the risks they can influence more directly. management measures in place are truly effective for both reducible and irreducible risk.

Safety regulations and guidelines across North America call out for the need to manage risk due to organizational Managing the following 5 (five) types of changes will help reduce risk during and after organizational Policy and Procedure Changes can effect the ability to manage risk during the organizational change. risk is applied. Plan -Do-Check-Act Questions: How well is your company managing risk during organizational changes?

Earlier this year (May 2020) the International Standards Organization (ISO) published their legal risk This standard is not industry specific and builds on top of the ISO 31000 risk management framework to One of the most important aspects of this standard is a change in risk definition that has been used Note 4 : Risk from non-contractual obligations is the risk that an organization’s behavior and decision-making the risks that are contained within it.

Risk registers are part of an effective risk program and used by companies to help communicate and manage risk. Spreadsheets are often the primary database for risk registers to store and track risks that need to by advancing their risk programs beyond using simple risk register spreadsheets. within the risk registers.

Everything happens in the presence of uncertainty, and this uncertainty creates the opportunity for risk

This will include evaluating risk and identifying the costs associated with noncompliance (e.g. a fine A risk/reward calculation is then performed to decide to proceed or not. If the cost of mitigation is higher than the fine then many might just accept the risk and proceed along Perhaps the largest factor is not considering the total value of what is at risk. You may face the risk of considering a new line of business.

, Health and Safety , risk is a threat to personnel, Finance , risk is threat to return on investment To help reduce confusion when discussing risk it is helpful to use the same definition for risk. risk domains. risk registers. How would your risk program benefit from using a common risk framework?