F E D E R AT I O N O F

E U RO P E A N R I S K

M A NAG E M E N T

A S S O C I AT I O N S

A RISK MANAGEMENT
STANDARD
 A RISK MANAGEMENT STANDARD

Introduction
The Risk Management Standard is the result of There are many ways of achieving the
work by a team drawn from the major risk objectives of risk management and it would be
management organisations in the UK - The impossible to try to set them all out in a single
Institute of Risk Management (IRM),The document. Therefore it was never intended to
Association of Insurance and Risk Managers produce a prescriptive standard which would
(AIRMIC) and ALARM The National Forum for have led to a box ticking approach nor to
Risk Management in the Public Sector. establish a certifiable process. By meeting the
various component parts of this standard,
In addition, the team sought the views and albeit in different ways, organisations will be in
opinions of a wide range of other professional a position to report that they are in
bodies with interests in risk management, compliance. The standard represents best
during an extensive period of consultation. practice against which organisations can
measure themselves.
Risk management is a rapidly developing
discipline and there are many and varied views The standard has wherever possible used the
and descriptions of what risk management terminology for risk set out by the International
involves, how it should be conducted and what Organization for Standardization (ISO) in its
it is for. Some form of standard is needed to recent document ISO/IEC Guide 73 Risk
ensure that there is an agreed: Management - Vocabulary - Guidelines for use
in standards.
• terminology related to the words used
• process by which risk management can be
In view of the rapid developments in this area
carried out
the authors would appreciate feedback from
• organisation structure for risk management
organisations as they put the standard into use
• objective for risk management
(addresses to be found on the back cover of
this Guide). It is intended that regular
Importantly, the standard recognises that risk
modifications will be made to the standard in
has both an upside and a downside.
the light of best practice.
Risk management is not just something for
corporations or public organisations, but for
any activity whether short or long term. The
benefits and opportunities should be viewed
not just in the context of the activity itself but
in relation to the many and varied stakeholders
who can be affected.

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1. Risk can affect the organisation. It increases the

probability of success, and reduces both the
Risk can be defined as the combination of the probability of failure and the uncertainty of
probability of an event and its consequences achieving the organisation’s overall objectives.
(ISO/IEC Guide 73). Risk management should be a continuous and
developing process which runs throughout the
In all types of undertaking, there is the organisation’s strategy and the implementation
potential for events and consequences that of that strategy. It should address methodically
constitute opportunities for benefit (upside) or all the risks surrounding the organisation’s
threats to success (downside). activities past, present and in particular, future.

Risk Management is increasingly recognised as It must be integrated into the culture of the
being concerned with both positive and organisation with an effective policy and a
negative aspects of risk. Therefore this programme led by the most senior
standard considers risk from both perspectives. management. It must translate the strategy
into tactical and operational objectives,
In the safety field, it is generally recognised assigning responsibility throughout the
that consequences are only negative and organisation with each manager and employee
therefore the management of safety risk is responsible for the management of risk as part
focused on prevention and mitigation of harm. of their job description. It supports
accountability, performance measurement and
reward, thus promoting operational efficiency
2. Risk Management at all levels.

Risk management is a central part of any 2.1 External and Internal Factors
organisation’s strategic management. It is the The risks facing an organisation and its
process whereby organisations methodically operations can result from factors both
address the risks attaching to their activities external and internal to the organisation.
with the goal of achieving sustained benefit
within each activity and across the portfolio of The diagram overleaf summarises examples of
all activities. key risks in these areas and shows that some
specific risks can have both external and
The focus of good risk management is the internal drivers and therefore overlap the two
identification and treatment of these risks. areas. They can be categorised further into
Its objective is to add maximum sustainable types of risk such as strategic, financial,
value to all the activities of the organisation. It operational, hazard, etc.
marshals the understanding of the potential
upside and downside of all those factors which

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2.1 Examples of the Drivers of Key

RNALLY DRIVEN
EXTE

FINANCIAL RISKS STRATEGIC RISKS

INTEREST RATES COMPETITION
FOREIGN EXCHANGE CUSTOMER CHANGES
CREDIT INDUSTRY CHANGES
CUSTOMER DEMAND

M & A INTEGRATION

LIQUIDITY & RESEARCH & DEVELOPMENT

CASH FLOW INTELLECTUAL CAPITAL

INTERNALLY DRIVEN

ACCOUNTING CONTROLS
INFORMATION SYSTEMS

RECRUITMENT PUBLIC ACCESS

SUPPLY CHAIN EMPLOYEES
PROPERTIES
PRODUCTS &
SERVICES

REGULATIONS CONTRACTS
CULTURE NATURAL EVENTS
BOARD COMPOSITION SUPPLIERS
ENVIRONMENT

FINANCIAL RISKS STRATEGIC RISKS

EXTE
R N ALLY D RIVEN

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2.2 The Risk Management Process

Risk management protects and adds value to

The Organisation’s
the organisation and its stakeholders through
Strategic Objectives
supporting the organisation’s objectives by:

Risk Assessment • providing a framework for an organisation

Risk Analysis that enables future activity to take place in
Risk Identification a consistent and controlled manner
Risk Description • improving decision making, planning and
Risk Estimation prioritisation by comprehensive and
structured understanding of business
Formal Audit
Modification

Risk Evaluation activity, volatility and project

opportunity/threa
Risk Reporting • contributing to more efficient use/allocation
Threats and Opportunities of capital and resources within the
organisation
Decision • reducing volatility in the non essential areas
of the business
Risk Treatment • protecting and enhancing assets and
company image
Residual Risk Reporting • developing and supporting people and the
organisation’s knowledge base
Monitoring
• optimising operational efficiency

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3. Risk Assessment • Financial - These concern the effective

management and control of the finances of
Risk Assessment is defined by the ISO/ IEC the organisation and the effects of external
Guide 73 as the overall process of risk analysis factors such as availability of credit, foreign
and risk evaluation. exchange rates, interest rate movement and
(See appendix) other market exposures.
• Knowledge management - These concern
the effective management and control of
4. Risk Analysis the knowledge resources, the production,
protection and communication thereof.
4.1 Risk Identification External factors might include the
Risk identification sets out to identify an unauthorised use or abuse of intellectual
organisation’s exposure to uncertainty. This property, area power failures, and
requires an intimate knowledge of the competitive technology. Internal factors
organisation, the market in which it operates, might be system malfunction or loss of key
the legal, social, political and cultural staff.
environment in which it exists, as well as the
development of a sound understanding of its • Compliance - These concern such issues as
strategic and operational objectives, including health & safety, environmental, trade
factors critical to its success and the threats descriptions, consumer protection, data
and opportunities related to the achievement protection, employment practices and
of these objectives. regulatory issues.

Risk identification should be approached in a Whilst risk identification can be carried out by
methodical way to ensure that all significant outside consultants, an in-house approach with
activities within the organisation have been well communicated, consistent and co-
identified and all the risks flowing from these ordinated processes and tools (see Appendix)
activities defined. is likely to be more effective. In-house
All associated volatility related to these ‘ownership’ of the risk management process is
activities should be identified and categorised. essential.

Business activities and decisions can be 4.2 Risk Description

classified in a range of ways, examples of The objective of risk description is to display
which include: the identified risks in a structured format, for
example, by using a table. The risk description
• Strategic - These concern the long-term table overleaf can be used to facilitate the
strategic objectives of the organisation. description and assessment of risks. The use of
They can be affected by such areas as a well designed structure is necessary to
capital availability, sovereign and political ensure a comprehensive risk identification,
risks, legal and regulatory changes, description and assessment process. By
reputation and changes in the physical considering the consequence and probability of
environment. each of the risks set out in the table, it should
be possible to prioritise the key risks that need
• Operational - These concern the day-to-day to be analysed in more detail. Identification of
issues that the organisation is confronted the risks associated with business activities
with as it strives to deliver its strategic and decision making may be categorised as
objectives. strategic, project/ tactical, operational. It is
important to incorporate risk management at
the conceptual stage of projects as well as
throughout the life of a specific project.

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4.2.1 Table - Risk Description

1. Name of Risk

2. Scope of Risk Qualitative description of the events, their size, type, number and
dependencies

3. Nature of Risk Eg. strategic, operational, financial, knowledge or compliance

4. Stakeholders Stakeholders and their expectations

5. Quantification of Risk Significance and Probability

6. Risk Tolerance/ Appetite Loss potential and financial impact of risk

Value at risk
Probability and size of potential losses/gains
Objective(s) for control of the risk and desired level of
performance

7. Risk Treatment & Control Primary means by which the risk is currently managed
Mechanisms Levels of confidence in existing control
Identification of protocols for monitoring and review

8. Potential Action for Recommendations to reduce risk

Improvement

9. Strategy and Policy Identification of function responsible for developing strategy and
Developments policy

4.3 Risk Estimation Monitoring Examples are given in the tables overleaf.
Risk estimation can be quantitative, semi- Different organisations will find that different
quantitative or qualitative in terms of the measures of consequence and probability will
probability of occurrence and the possible suit their needs best.
consequence.
For example many organisations find that
For example, consequences both in terms of assessing consequence and probability as
threats (downside risks) and opportunities high, medium or low is quite adequate for their
(upside risks) may be high, medium or low (see needs and can be presented as a 3 x 3 matrix.
table 4.3.1). Probability may be high, medium
or low but requires different definitions in Other organisations find that assessing
respect of threats and opportunities (see consequence and probability using a 5 x 5
tables 4.3.2 and 4.3.3). matrix gives them a better evaluation.

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Table 4.3.1 Consequences - Both Threats and Opportunities

High Financial impact on the organisation is likely to exceed £x

Significant impact on the organisation’s strategy or operational activities
Significant stakeholder concern

Medium Financial impact on the organisation likely to be between £x and £y

Moderate impact on the organisation’s strategy or operational activities
Moderate stakeholder concern

Low Financial impact on the organisation likely to be less that £y

Low impact on the organisation’s strategy or operational activities
Low stakeholder concern

Table 4.3.2 Probability of Occurrence - Threats

Estimation Description Indicators

High (Probable) Likely to occur each year or more Potential of it occurring several times
than 25% chance of occurrence. within the time period (for example -
ten years).
Has occurred recently.

Medium (Possible) Likely to occur in a ten year time Could occur more than once within
period or less than 25% chance of the time period (for example - ten
occurrence. years).
Could be difficult to control due to
some external influences.
Is there a history of occurrence?

Low (Remote) Not likely to occur in a ten year Has not occurred.
period or less than 2% chance of Unlikely to occur.
occurrence.

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Table 4.3.3 Probability of Occurrence - Opportunities

Estimation Description Indicators

High (Probable) Favourable outcome is likely to be Clear opportunity which can be relied
achieved in one year or better than on with reasonable certainty, to be
75% chance of occurrence. achieved in the short term based on
current management processes.

Medium (Possible) Reasonable prospects of favourable Opportunities which may be

results in one year of 25% to 75% achievable but which require careful
chance of occurrence. management. Opportunities which
may arise over and above the plan.

Low (Remote) Some chance of favourable outcome Possible opportunity which has yet to
in the medium term or less than be fully investigated by management.
25% chance of occurrence. Opportunity for which the likelihood
of success is low on the basis of
management resources currently
being applied.

4.4 Risk Analysis methods and techniques This process allows the risk to be mapped to
A range of techniques can be used to analyse the business area affected, describes the
risks. These can be specific to upside or primary control procedures in place and
downside risk or be capable of dealing with indicates areas where the level of risk control
both. (See Appendix). investment might be increased, decreased or
reapportioned.
4.5 Risk Profile
The result of the risk analysis process can be Accountability helps to ensure that ‘ownership’
used to produce a risk profile which gives a of the risk is recognised and the appropriate
significance rating to each risk and provides a management resource allocated.
tool for prioritising risk treatment efforts. This
ranks each identified risk so as to give a view
of the relative importance.

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5. Risk Evaluation Effectiveness of internal control is the degree

to which the risk will either be eliminated or
When the risk analysis process has been reduced by the proposed control measures.
completed, it is necessary to compare the
estimated risks against risk criteria which the Cost effectiveness of internal control relates to
organisation has established. The risk criteria the cost of implementing the control compared
may include associated costs and benefits, to the risk reduction benefits expected.
legal requirements, socio-economic and
environmental factors, concerns of The proposed controls need to be measured in
stakeholders, etc. Risk evaluation therefore, is terms of potential economic effect if no action
used to make decisions about the significance is taken versus the cost of the proposed
of risks to the organisation and whether each action(s) and invariably require more detailed
specific risk should be accepted or treated. information and assumptions than are
immediately available.
6. Risk Treatment
Firstly, the cost of implementation has to be
Risk treatment is the process of selecting and established. This has to be calculated with
implementing measures to modify the risk. Risk some accuracy since it quickly becomes the
treatment includes as its major element, risk baseline against which cost effectiveness is
control/mitigation, but extends further to, for measured. The loss to be expected if no action
example, risk avoidance, risk transfer, risk is taken must also be estimated and by
financing, etc. comparing the results, management can decide
whether or not to implement the risk control
NOTE : In this standard, risk financing refers to measures.
the mechanisms (eg insurance programmes)
for funding the financial consequences of risk. Compliance with laws and regulations is not an
Risk financing is not generally considered to option. An organisation must understand the
be the provision of funds to meet the cost of applicable laws and must implement a system
implementing risk treatment (as defined by of controls to achieve compliance. There is only
ISO/IEC Guide 73). occasionally some flexibility where the cost of
reducing a risk may be totally disproportionate
Any system of risk treatment should provide as to that risk.
a minimum :
One method of obtaining financial protection
• effective and efficient operation of the against the impact of risks is through risk
organisation financing which includes insurance. However, it
• effective internal controls should be recognised that some losses or
elements of a loss will be uninsurable eg the
• compliance with laws and regulations uninsured costs associated with work-related
health, safety or environmental incidents,
The risk analysis process assists the effective which may include damage to employee morale
and efficient operation of the organisation by and the organisation’s reputation.
identifying those risks which require attention
by management. They will need to prioritise
risk control actions in terms of their potential
to benefit the organisation.

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7. Risk Reporting and • have performance indicators which allow

them to monitor the key business and
Communication financial activities, progress towards
objectives and identify developments which
7.1 Internal Reporting require intervention (e.g. forecasts and
Different levels within an organisation need budgets)
different information from the risk management
• have systems which communicate variances
process.
in budgets and forecasts at appropriate
frequency to allow action to be taken
The Board of Directors should :
• report systematically and promptly to
• know about the most significant risks facing
senior management any perceived new
the organisation
risks or failures of existing control measures
• know the possible effects on shareholder
value of deviations to expected
performance ranges Individuals should :
• ensure appropriate levels of awareness • understand their accountability for
throughout the organisation individual risks
• know how the organisation will manage a • understand how they can enable
crisis continuous improvement of risk
management response
• know the importance of stakeholder
confidence in the organisation • understand that risk management and risk
awareness are a key part of the
• know how to manage communications with
organisation’s culture
the investment community where applicable
• report systematically and promptly to
• be assured that the risk management
senior management any perceived new
process is working effectively
risks or failures of existing control measures
• publish a clear risk management policy
covering risk management philosophy and 7.2 External Reporting
responsibilities A company needs to report to its stakeholders
on a regular basis setting out its risk
Business Units should : management policies and the effectiveness in
• be aware of risks which fall into their area achieving its objectives.
of responsibility, the possible impacts these
may have on other areas and the Increasingly stakeholders look to organisations
consequences other areas may have on to provide evidence of effective management of
them the organisation’s non-financial performance in
such areas as community affairs, human rights,
employment practices, health and safety and
the environment.

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Good corporate governance requires that Furthermore, it should refer to any legal
companies adopt a methodical approach to requirements for policy statements eg. for
risk management which : Health and Safety.
• protects the interests of their stakeholders
Attaching to the risk management process is an
• ensures that the Board of Directors integrated set of tools and techniques for use
discharges its duties to direct strategy, in the various stages of the business process.
build value and monitor performance of the
organisation To work effectively, the risk management
• ensures that management controls are in process requires :
place and are performing adequately • commitment from the chief executive and
executive management of the organisation
The arrangements for the formal reporting of
• assignment of responsibilities within the
risk management should be clearly stated and
organisation
be available to the stakeholders.
• allocation of appropriate resources for
The formal reporting should address : training and the development of an
enhanced risk awareness by all
• the control methods - particularly
stakeholders.
management responsibilities for risk
management
8.2 Role of the Board
• the processes used to identify risks and The Board has responsibility for determining
how they are addressed by the risk the strategic direction of the organisation and
management systems for creating the environment and the structures
• the primary control systems in place to for risk management to operate effectively.
manage significant risks
This may be through an executive group, a non-
• the monitoring and review system in place
executive committee, an audit committee or
such other function that suits the
Any significant deficiencies uncovered by the
organisation’s way of operating and is capable
system, or in the system itself, should be
of acting as a ‘sponsor’ for risk management.
reported together with the steps taken to deal
with them.
The Board should, as a minimum, consider, in
evaluating its system of internal control :
• the nature and extent of downside risks
8. The Structure and acceptable for the company to bear within
Administration of Risk its particular business
Management. • the likelihood of such risks becoming a
reality
8.1 Risk Management Policy • how unacceptable risks should be managed
An organisation’s risk management policy
should set out its approach to and appetite for • the company’s ability to minimise the
risk and its approach to risk management. The probability and impact on the business
policy should also set out responsibilities for
risk management throughout the organisation.

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• the costs and benefits of the risk and • establishing internal risk policy and
control activity undertaken structures for business units
• the effectiveness of the risk management • designing and reviewing processes for risk
process management
• the risk implications of board decisions • co-ordinating the various functional
activities which advise on risk management
8.3 Role of the Business Units issues within the organisation
This includes the following : • developing risk response processes,
• the business units have primary including contingency and business
responsibility for managing risk on a day- continuity programmes
to- day basis • preparing reports on risk for the board and
• business unit management is responsible the stakeholders
for promoting risk awareness within their
operations; they should introduce risk 8.5 Role of Internal Audit
management objectives into their business The role of Internal Audit is likely to differ from
• risk management should be a regular one organisation to another.
management-meeting item to allow
consideration of exposures and to In practice, Internal Audit’s role may include
reprioritise work in the light of effective risk some or all of the following :
analysis • focusing the internal audit work on the
• business unit management should ensure significant risks, as identified by
that risk management is incorporated at the management, and auditing the risk
conceptual stage of projects as well as management processes across an
throughout a project organisation
• providing assurance on the management of
8.4 Role of the Risk Management risk
Function • providing active support and involvement
Depending on the size of the organisation the in the risk management process
risk management function may range from a
single risk champion, a part time risk manager, • facilitating risk identification/assessment
to a full scale risk management department. and educating line staff in risk
management and internal control
The role of the Risk Management function • co-ordinating risk reporting to the board,
should include the following : audit committee, etc
• setting policy and strategy for risk
management In determining the most appropriate role for a
particular organisation, Internal Audit should
• primary champion of risk management at ensure that the professional requirements for
strategic and operational level independence and objectivity are not breached.
• building a risk aware culture within the
organisation including appropriate
education

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8.6 Resources and Implementation place. Regular audits of policy and standards
The resources required to implement the compliance should be carried out and
organisation’s risk management policy should standards performance reviewed to identify
be clearly established at each level of opportunities for improvement. It should be
management and within each business unit. remembered that organisations are dynamic
and operate in dynamic environments. Changes
In addition to other operational functions they in the organisation and the environment in
may have, those involved in risk management which it operates must be identified and
should have their roles in co-ordinating risk appropriate modifications made to systems.
management policy/strategy clearly defined.
The same clear definition is also required for The monitoring process should provide
those involved in the audit and review of assurance that there are appropriate controls
internal controls and facilitating the risk in place for the organisation’s activities and
management process. that the procedures are understood and
followed. Changes in the organisation and the
Risk management should be embedded within environment in which it operates must be
the organisation through the strategy and identified and appropriate changes made to
budget processes. It should be highlighted in systems.
induction and all other training and
development as well as within operational Any monitoring and review process should
processes e.g. product/service development also determine whether :
projects. • the measures adopted resulted in what was
intended
• the procedures adopted and information
9. Monitoring and Review of the gathered for undertaking the assessment
Risk Management Process. were appropriate
Effective risk management requires a reporting • improved knowledge would have helped to
and review structure to ensure that risks are reach better decisions and identify what
effectively identified and assessed and that lessons could be learned for future
appropriate controls and responses are in assessments and management of risks

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 APPENDIX

10. Appendix Both

• Dependency modelling
Risk Identification Techniques - examples
• Brainstorming • SWOT analysis (Strengths, Weaknesses,
Opportunities, Threats)
• Questionnaires
• Event tree analysis
• Business studies which look at each
business process and describe both the • Business continuity planning
internal processes and external factors • BPEST (Business, Political, Economic,
which can influence those processes Social, Technological) analysis
• Industry benchmarking • Real Option Modelling
• Scenario analysis • Decision taking under conditions of risk and
• Risk assessment workshops uncertainty

• Incident investigation • Statistical inference

• Auditing and inspection • Measures of central tendency and

dispersion
• HAZOP (Hazard & Operability Studies)
• PESTLE (Political Economic Social Technical
Risk Analysis Methods and Techniques - Legal Environmental)
examples
Upside risk Downside risk
• Market survey • Threat analysis
• Prospecting • Fault tree analysis
• Test marketing • FMEA (Failure Mode & Effect Analysis)
• Research and Development
• Business impact analysis

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