Unit 1

1. Concept of risk

2. Uncertainty Concept

3. Types of Risks

4. Sources of risk in business operations

5. Information technology risks businesses and during software deployment

project , in Banks Financial Services, Manufacturing

6. Types of risks associated with international operations & strategies to

mitigate the risks associated with international market expansion.

7. Primary sources of risk in financial management

8. Strategic risks of organizations

9. Business risk and its impact on various stakeholders

10.Upside and downside risks

11.Internal and external sources of risk

12.Risks arising from international operations

13.Risk mitigation strategy for a company facing significant operational risks

 14.Downside risk to evaluate the potential losses of a new investment
opportunity.

15.Strategic risks and operational risks

16.Effectiveness of different risk management strategies in minimizing business

risks.

17.A comprehensive risk management plan for a startup

18.A risk assessment framework for identifying and prioritizing risks

Unit 2

1. Components of the COSO Enterprise Risk Management Framework

2. Risk Register and Its elements

3. Gross Risk and Net Risk

4. ISO 31000 RM Principles & Risk Management Checklist

5. Essential features of an effective risk management strategy

6. Role of risk mapping in the risk management process.

7. Risk assessment differing from risk quantification in COSO ERM Framework

 8. Risk reporting requirements under COSO ERM and ISO 31000 frameworks.

9. Stages/steps of the Risk Management Cycle

10.Risk response plan for a manufacturing company facing supply chain

disruptions, Banks Financial Institutions facing cyber attacks etc.,

11.Risk reporting in effective risk management practices.

12.Risk allocation strategies in minimizing project risks

13.Impact of regulatory changes on an organization's risk management

strategy..

14.Risk management framework suitable for a startup , banks, pharma

company, manufacturing etc

15.Comprehensive risk management plan to enter in to new markets

Questions may be on quoting Examples, explaining the concepts, with regards to

industry specific, difference between types of risks, consequences of ignoring
operational risks/IT/Regulatory Risk in a company (company can be from specific
industry)
Case Study of CIA one among will be important

Unit 3

1. Concept of term "strategy

2. Levels of strategy in organizational planning.

3. Steps involved in the traditional approach to strategic planning.

4. Risks associated with formal strategic planning processes

5. Examples of emergent strategies in business

6. Logical incrementalism Vs formal strategic planning.

7. Market-led and resource-based approaches differs in strategic planning

8. Concept of key risks in strategic decision-making

9. Ansoff matrix assist in strategic analysis

10.Risks involved in cost leadership and differentiation strategies.

11.Strategic plan using the Ansoff matrix

12.Resource-based approach to analyze the competitive advantage of a tech

startup, Bank, insurance cmpany etc

13.Potential risks of an acquisition strategy for a multinational corporation.

14.Emergent strategies with logical incrementalism.

15.Market-led approach versus a resource-based approach in strategic planning.

16.Ethical implications of pursuing a cost leadership strategy in a competitive

market
 17.Product-market strategy for a new entrant in the consumer electronics
industry, IT Company Banks

18.Strategic planning framework incorporating both traditional and emergent

strategy elements.

Unit 2 Additional Reading

Enterprise Risk Management Framework

https://corporatefinanceinstitute.com/resources/management/enterprise-risk-management-erm/

Components of the COSO Enterprise Risk Management Framework

https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-
resources/strategic-business-leader/technical-articles/coso-enterprise-risk-management-
framework.html
https://reciprocity.com/what-are-the-5-components-of-the-coso-framework/

Risk Register and Its elements

A risk register is a tool that helps document and maintain risks within a project, and develop
plans to reduce or mitigate them. Risk registers often include the following elements:
Risk identification: A unique name or ID number to identify the risk. This can help organize
risks into categories and monitor responses.
Risk description: A brief explanation of the risk.
Risk breakdown structure: A chart that helps identify and categorize risks.
Risk categories: Risks can be categorized by area, such as budget, schedule, resources,
operations, technology, or quality. This can help with analysis and prioritization.
Risk analysis: Determines the probability and impact of a risk.
Risk status: Helps communicate if the risk is being addressed or has been mitigated. Projects
often use statuses like "open", "in progress", or "closed".
Risk response: Also known as a risk mitigation plan, this defines the steps to lower the risk level,
the intended outcome, and how the plan will change the risk's impact.
Risk ownership: Helps determine which department or team members should handle a risk.
Risk priority: Helps determine the priority of a risk by considering how likely it is to occur and
the actions needed to mitigate it

https://www.v-comply.com/blog/what-is-a-risk-register-what-are-the-key-elements-of-a-risk-
register/

ISO 31000 RM Principles & Risk Management Checklist

ISO 31000 is an international standard issued in 2009 by ISO (International Organization for
Standardization). All types and sizes of organisations face internal and external factors that
directly impact whether an organisation can achieve their objectives or not. ISO 31000:2018
serves as a guide for the design, implementation and maintenance of risk management, ISO
31000:2018 describes a systematic and logical process, during which organisations manage
risk by identifying it, analysing it, and then make a determination as to mitigating the risk
treatment in a way that is consistent with their risk appetite. An organisation can implement
risk management across the entire company, and it can do so at any time
Managing risk is a critical part of the success of any organisation. That’s why ISO
(International Organization for Standardization) developed the 31000:2018 Risk
Management Standard. Issued in 2009, the standard helps address operational continuity, and
also confidence and reassurance in your organisation’s economic resilience, professional
reputation and environmental and safety outcomes. Best of all, ISO 31000 can be tailored to
your organisation to help achieve the best results.
Below is a breakdown of how exactly the ISO 31000 can help your organisation with all of
the different components to consider when dealing with risk management.
1. Principles
The purpose of risk management (RM) is the creation and protection of value. It improves
performance, encourages innovation and supports the achievement of objectives. Principles
include the requirement for the risk management initiative to be (1) customised; (2)
inclusive; (3) structured and comprehensive; (4) integrated; and (5) dynamic.
2. Framework
The purpose of the risk management framework is to assist with integrating risk management
into all activities and functions. The effectiveness of risk management will depend on
integration into governance and all other activities of the organisation, including decision-
making.
2.1. Leadership and commitment, including:
● aligning risk management with the strategy, objectives and culture of the organisation;
● issuing a statement or policy that establishes the RM approach, plan or course of action;
● making necessary resources available for managing risk; and
● establishing the amount and type of risk that may or may not be taken (risk appetite).
2.2. Integration, including:
● determining management accountability and oversight roles and responsibilities; and
● ensuring risk management is part of, and not separate from, all aspects of the
organisation.
2.3. Design, including:
● understanding the organisation and its internal and external context;
● articulating risk management commitment and allocating resources; and
● establishing communication and consultation arrangements.
2.4. Implementation, including:
● developing an appropriate implementation plan including deadlines;
● identifying where, when and how different types of decisions are made, and by whom;
and • modifying the applicable decision-making processes where necessary.
2.5. Evaluation, including:
● measuring framework performance against its purpose, implementation and behaviours;
and
● determining whether it remains suitable to support achievement of objectives.

6. Improvement, including:
● continually monitoring and adapting the framework to address external and internal
changes;
● taking actions to improve the value of risk management; and
● improving the suitability, adequacy and effectiveness of the RM framework.

3. Process
The risk management process involves the systematic application of policies, procedures and
practices to the activities of communicating and consulting, establishing the context and
assessing, treating, monitoring, reviewing, recording and reporting risk.
3.1. Communication and consultation, including:
● bringing different areas of expertise together for each step of the RM process;
● ensuring different views are considered when defining risk criteria and evaluating risks;
● providing sufficient information to facilitate risk oversight and decision-making; and
● building a sense of inclusiveness and ownership among those affected by risk.
3.2. Scope, context and criteria, including:
● defining the purpose and scope of risk management activities;
● identifying the external and internal context for the organisation;
● defining risk criteria by specifying the acceptable amount and type of risk; and
● defining criteria to evaluate the significance of risk and to support decision-making;
3.3. Risk assessment, including:
● risk identification to find, recognise and describe risks that might help or prevent
achievement of objectives and the variety of tangible or intangible consequences;
● risk analysis of the nature and characteristics of risk, including the level of risk, risk
sources, consequences, likelihood, events, scenarios, controls and their effectiveness; and
● risk evaluation to support decisions by comparing the results of the risk analysis with the
established risk criteria to determine the significance of risk.
4. Risk treatment, including:
● selecting the most appropriate risk treatment option(s); and
● designing risk treatment plans specifying how the treatment options will be implemented.
5. Monitoring and review, including:
● improving the quality and effectiveness of process design, implementation and outcomes;
● monitoring the RM process and its outcomes, with responsibilities clearly defined;
● planning, gathering and analysing information, recording results and providing feedback;
and
● incorporating the results in performance management, measurement and reporting
activities.
6. Recording and reporting, including:
● communicating risk management activities and outcomes across the organisation;
● providing information for decision-making;
● improving risk management activities; and
● providing risk information and interacting with stakeholders.

https://goaudits.com/checklist/iso-31000-risk-management-checklist/920/6/
https://riskacademy.blog/wp-content/uploads/2019/08/ISO31000-checklist.pdf

Essential features of an effective risk management strategy

Risk identification
An organized approach to finding real risks and identifying events that may impact a project's
goals and activities
Risk analysis
Understanding a risk's characteristics and possible outcomes can help you make important
decisions
Risk mitigation
An important aspect of business continuity that helps ensure a business isn't stuck trying to
manage variables retroactively
Risk action plan
Outlines the risk action or management plan for each risk posed by identified hazards
Risk monitoring
An essential part of risk management that involves monitoring all the risks affecting a
business
Prioritizing risk
Organizations should prioritize risks that pose the most significant threat or opportunity and
form their decisions accordingly
Continuously improving risk management
Using both corrective and preventive action to analyze and prevent the reoccurrence of
nonconformities

https://www.logicgate.com/blog/developing-effective-risk-management-strategies/

Role of risk mapping in the risk management process

Risk mapping is a key part of the risk management process, which involves identifying,
assessing, and managing risks. It helps organizations visualize and understand their risks,
which is essential for developing effective mitigation strategies and prioritizing actions.
Without a risk map, organizations may be more likely to manage risks reactively, which can
lead to higher costs and greater impacts
Risk mapping is beneficial because it requires you to assess each risk and its causes and
consequences individually. It also allows you to look at your risk environment as a whole and
understand how frequencies and severities compar
Risk mapping helps companies:
● Identify threats: Risk mapping helps companies identify potential threats they may face.
● Plan preventive actions: Risk mapping helps companies plan actions to mitigate risks
before they occur.
● Stay ahead: Risk mapping helps companies anticipate problems instead of dealing with
them reactively
https://www.clearrisk.com/risk-management-blog/importance-of-risk-mapping-
1#:~:text=Risk%20mapping%20is%20beneficial%20because,how%20frequencies%20and
%20severities%20compare.

Risk reporting requirements under COSO ERM and ISO 31000 frameworks.

Both COSO ERM and ISO 31000 frameworks include risk reporting as part of their risk
management processes. However, COSO ERM offers a more structured approach for
enterprise-level risk management, while ISO 31000 emphasizes flexibility and adaptability.
Here's how reporting requirements differ between the two frameworks:
● COSO ERM
Provides a comprehensive approach for identifying, assessing, and responding to risks.
● ISO 31000
Includes recording and reporting as one of six steps in its risk management process. The
other five steps are communication and consultation, defining scope, context, and criteria,
risk assessment, risk treatment, and monitoring and review

Understanding ISO 31000

ISO 31000 stands as a globally recognized benchmark for risk management, offering
organizations a structured methodology for navigating uncertainties. It advocates for a
proactive stance towards risk management, urging integration into the overarching decision-
making processes of an organization.
At its core, ISO 31000 aims to establish a risk management framework characterized by
flexibility, adaptability, and alignment with organizational requirements. By embracing ISO
31000, entities can systematically identify, assess, and manage risks, enhancing their ability
to make informed decisions and optimize overall performance.
This standard underscores the significance of a holistic approach to risk management,
emphasizing the need to consider internal and external factors that may impact an
organization's objectives. By adopting ISO 31000, organizations can foster a culture of risk
awareness and resilience, enabling them to anticipate and address potential risks before they
escalate into significant challenges.
Furthermore, ISO 31000 promotes continuous improvement in risk management practices,
encouraging organizations to regularly review and refine their risk management processes
in response to evolving threats and opportunities.
Understanding ISO 31000 empowers organizations to proactively manage risks, enhance
decision-making capabilities, and ultimately drive better outcomes across all facets of their
operations.
Exploring COSO ERM Framework
The COSO ERM framework stands as a cornerstone in the realm of enterprise-level risk
management, representing a widely embraced model aimed at fostering organizational
resilience and success. At its core, COSO ERM is built upon the fundamental belief that
proficient risk management is not merely a supplemental aspect of operations but rather an
indispensable component crucial for sustained growth and prosperity.
One of the key pillars of the COSO ERM framework lies in its holistic approach to risk
management. Rather than viewing risk management as a standalone function, COSO ERM
advocates for its integration into the fabric of organizational processes and decision-making
mechanisms. By weaving risk considerations seamlessly into strategic planning and
operational activities, organizations can cultivate a culture of risk awareness and
responsiveness, thereby fortifying their ability to navigate uncertainties and seize
opportunities.
Through the lens of COSO ERM, organizations embark on a journey of exploration and
discovery, delving deep into the intricate landscape of risks that may potentially impact their
objectives. By systematically identifying and assessing risks across various dimensions, from
financial and operational to reputational and regulatory, organizations gain valuable insights
into the diverse challenges they may encounter on their path to success.
Moreover, COSO ERM empowers organizations to transcend mere risk identification and
embark on a proactive journey toward risk mitigation and response. By formulating robust
risk management objectives tailored to their specific contexts, organizations can chart a clear
course of action aimed at minimizing the likelihood and impact of adverse events. This
proactive stance towards risk management not only enhances organizational resilience but
also fosters a sense of confidence and assurance among stakeholders, bolstering trust and
credibility in the process.
Central to the effectiveness of the COSO ERM framework is its emphasis on continuous
improvement and adaptation. In a dynamic and ever-evolving business landscape, risks are
not static entities but rather dynamic forces that necessitate ongoing vigilance and refinement
of risk management strategies. By instituting a cycle of monitoring, reassessment, and
enhancement, organizations can ensure that their risk management practices remain agile and
responsive to emerging threats and opportunities.
In essence, exploring the COSO ERM framework is not merely an academic exercise but
rather a transformative journey toward organizational excellence. By embracing its principles
and methodologies, organizations can elevate their risk management capabilities, foster a
culture of resilience and agility, and ultimately position themselves for sustained success in
an increasingly uncertain world.
Key Differences Between ISO 31000 and COSO ERM
Although both ISO 31000 and COSO ERM share a common focus on risk management,
significant differences set them apart. One crucial disparity lies in their origins and scopes:
ISO 31000 is an internationally recognized standard, while COSO ERM originates from the
Committee of Sponsoring Organizations of the Treadway Commission. Additionally, ISO
31000 boasts a more adaptable framework capable of catering to diverse organizational
contexts, whereas COSO ERM offers a structured model comprising predefined components
and principles specifically designed for managing risks at the enterprise level.
Understanding these distinctions is paramount for organizations seeking to select the most
appropriate framework aligned with their unique risk management requirements.
The disparity in origins and scopes between ISO 31000 and COSO ERM is fundamental. ISO
31000, as an international standard, sets forth a globally accepted framework for risk
management practices. In contrast, COSO ERM, emerging from the Committee of
Sponsoring Organizations of the Treadway Commission, is tailored to address risks at the
enterprise level, with a focus on harmonizing internal control practices.
Furthermore, the flexibility of ISO 31000 allows organizations to customize the risk
management framework to suit their specific needs and operational contexts. This
adaptability enables entities to integrate risk management seamlessly into their existing
processes and structures, fostering a culture of risk awareness throughout the organization.
On the other hand, COSO ERM provides a structured model with predefined components and
principles, offering a comprehensive approach to managing risks across the enterprise.
By comprehending these differences, organizations can make informed decisions regarding
adopting ISO 31000 or COSO ERM, depending on their risk management objectives and
organizational requirements. For entities operating in diverse and dynamic environments, the
flexibility of ISO 31000 may offer a more suitable solution, enabling agile responses to
evolving risks and opportunities. Conversely, organizations seeking a structured and
comprehensive approach to enterprise-level risk management may find COSO ERM better
aligned with their needs.
In conclusion, understanding the disparities between ISO 31000 and COSO ERM empowers
organizations to select the most appropriate framework that aligns with their risk
management goals and operational contexts. Whether prioritizing flexibility or structure,
organizations can leverage these frameworks to enhance their risk management capabilities
and navigate uncertainties with confidence and resilience.

Advantages of Adopting ISO 31000

The adoption of ISO 31000 offers numerous benefits for organizations committed to
effective risk management:
1. Standardization: ISO 31000 establishes a common language and framework for risk
management, fostering communication and collaboration across departments and
stakeholders.

2. Integration: By emphasizing the integration of risk management into decision-making

processes, ISO 31000 enables organizations to make well-informed and strategic decisions
aligned with their risk appetite.

3. Prioritization: ISO 31000 aids organizations in identifying and prioritizing risks,

facilitating resource allocation and mitigation strategies.

4. Proactivity: With its proactive approach, ISO 31000 empowers organizations to anticipate
and address potential risks before they escalate, safeguarding against adverse impacts on
operations and performance.

By embracing ISO 31000, organizations can fortify their risk management capabilities and
enhance resilience in an increasingly complex business environment.

Best Practices for Integrating COSO ERM Framework

Integrating the COSO ERM framework into organizational risk management requires careful
planning and execution. Here are some best practices to facilitate seamless integration:

1. Establish Clear Policies: Initiate the integration process by developing comprehensive

risk management policies and defining the organization's risk appetite to guide decision-
making.

2. Holistic Risk Assessment: Conduct thorough enterprise-wide risk assessments,

considering internal and external factors influencing organizational objectives and
performance.

3. Tailored Risk Responses: Design risk responses that align with the organization's
strategic objectives and risk tolerance levels, ensuring coherence with overall business
strategies.
4. Monitoring and Reporting: Implement robust monitoring and reporting mechanisms to
track risk response effectiveness and promptly identify emerging risks.

5. Continuous Improvement: Foster a culture of continuous improvement by regularly

reviewing and updating the risk management framework to adapt to evolving business
environments and emerging threats.

By adhering to these best practices, organizations can effectively integrate the COSO ERM
framework into their risk management practices, enhancing their capacity to proactively
identify, assess, and respond to risks.FATF Expansion in the U.S.: Guidance for Compliance
with New Money Laundering and Terrorist Financing Prevention Regulations.

Conclusion
ISO 31000 and COSO ERM stand at the forefront of risk management, each presenting
unique yet complementary methodologies for navigating uncertainties. ISO 31000
emphasizes adaptability and flexibility, allowing organizations to tailor risk management
practices to their needs. In contrast, COSO ERM offers a structured framework tailored for
enterprise-level risk management, providing a comprehensive approach to identifying,
assessing, and responding to risks.
Organizations can strengthen their risk management capabilities by understanding the
distinctions between these frameworks and implementing best practices. They can
proactively identify and address potential threats, enhancing their resilience and readiness to
face challenges in an ever-evolving business environment.
ISO 31000 and COSO ERM are invaluable tools for organizations striving for effective risk
management. By integrating the principles and methodologies of these frameworks into
their operations, organizations can foster a culture of risk awareness and responsiveness.
This, in turn, enables them to make informed decisions, allocate resources efficiently, and
seize opportunities while mitigating potential risks.
Ultimately, by leveraging the strengths of ISO 31000 and COSO ERM, organizations can
enhance their ability to navigate uncertainties and achieve sustainable success in today's
dynamic business landscape.

Risk response plan (CAN BE EXPLAINED INDUSTRYWSIE)

A risk response plan is a document that outlines actions to reduce threats and increase
opportunities for a project's objectives. It's developed after identifying and analyzing
potential risks, and is the third step in the risk management process:
Identify risks: Identify potential issues that could negatively impact a project or business
initiative
Analyze risks: Use risk assessment frameworks and registers to analyze the risks
Develop a risk response plan: Create a plan to respond to the risks that require a response,
based on the analysis
The plan should include:
● Response strategies: Common strategies include avoiding, mitigating, transferring,
sharing, or accepting risks
● Assigning responsibilities: Decide who will be responsible for each response strategy
● Contingency plans: Develop a plan for what will trigger the team to implement the
contingency plan, such as time
● Monitoring: Assign someone to monitor the potential risk

Risk reporting in effective risk management practices.

In today's complex business environment, managing risk effectively is crucial for the
success and sustainability of any enterprise. Risk reporting plays a pivotal role in this
process, providing stakeholders with the necessary insights to make informed decisions.
This blog aims to demystify the basics of risk reporting, offering a foundational
understanding of its importance, components, and best practices.
Risk reporting is the systematic process of identifying, assessing, and communicating
risks that could potentially affect an organization’s operations and objectives. It involves
gathering data on various risk factors, analyzing their potential impact, and presenting
this information in a structured format to stakeholders, including management, board
members, and regulatory bodies

Importance of Risk Reporting

Effective risk reporting is integral to the success of ERM, as it provides the necessary
insights for informed decision-making at all levels of an organization. From the board of
directors to frontline managers, each segment of the organization relies on detailed,
accurate risk reports to guide their actions and strategy alignment. These reports not only
highlight potential risks and the effectiveness of current management strategies but also
address compliance and legal responsibilities which are critical for organizational
governance. By turning potential risks into business opportunities, organizations cannot
only prevent adverse outcomes but also gain a competitive advantage.
Moreover, the process of risk reporting must be carefully managed to ensure that it meets
the diverse needs of its audience, from senior executives to regulatory bodies. Each report
 should be tailored to provide the right level of detail and focus on relevant risks, controls,
and outcomes to support strategic and operational goals. This tailored approach helps in
maximizing the effectiveness of the risk management framework, ensuring that all parts
of the organization are aligned and informed about potential risks and their management.
0Risk reporting is a crucial aspect of organizational governance, and its importance can
be highlighted through the following key elements:
1. Informed Decision-Making: Comprehensive risk reports provide leaders with the
information they need to make strategic decisions that balance opportunity and risk.
2. Regulatory Compliance: Many industries are subject to stringent regulatory
requirements. Effective risk reporting helps ensure compliance and avoid legal penalties.
3. Enhanced Transparency: Clear and transparent risk reporting builds trust with
stakeholders by demonstrating a commitment to identifying and managing risks
proactively.
4. Proactive Risk Management: Regular risk reporting helps organizations anticipate
potential issues and implement mitigation strategies before risks materialize into
problems.
Step-by-Step Guide to Setting Up Risk Reporting Identifying Risks
The first crucial step in setting up risk reporting is identifying potential risks that could impact
our organization. This involves a continuous and vigilant approach where we update our risk
register with each newly identified risk. By examining our internal environment, business
processes, and policies, we can develop risk statements for each identified risk, documenting
them in our risk register. This process must account for all types of risks, including often-
overlooked digital risks.
Development of Reporting Framework
Once risks are identified, the next step is to develop a robust reporting framework. This
framework should clearly define the objectives, scope, and roles within the Enterprise Risk
Management (ERM) program. It is vital to establish an oversight body to ensure the framework's
effectiveness and designate clear roles and responsibilities.
Our risk reporting framework must also define the organization's risk appetite and tolerance and
implement processes for systematically identifying risks across the organization. By identifying
the risk universe, which includes all potential risks that could affect our objectives, we can
prioritize the most significant risks. This helps in establishing the scope and boundaries of risk
management.
To ensure that our ERM reports are effective and meet the needs of different stakeholders, from
the board of directors to regulatory agencies, we tailor each report to focus on relevant risks,
controls, and outcomes. This tailored approach maximizes the effectiveness of our risk
management framework, aligning all parts of the organization with our strategic and operational
goals.
By following these steps and continuously refining our risk reporting to include new risks and
necessary details, we empower our senior management and board to make informed, strategic
decisions that enhance our organizational resilience and competitive advantage.
Key Components of Risk Reporting
To ensure effective risk management, it is essential to include the following key components in
risk reporting:
1. Risk Identification: This involves identifying all potential risks that could impact the
organization. These could be strategic, operational, financial, or compliance-related.
2. Risk Assessment: Once identified, risks must be assessed in terms of their likelihood and
potential impact. This often involves quantitative and qualitative analysis.
3. Risk Mitigation Strategies: Effective risk reports outline the strategies and actions taken
to mitigate identified risks. This can include transferring risk (e.g., through insurance),
avoiding risk, reducing risk, or accepting risk.
4. Risk Monitoring: Continuous monitoring is essential to track the status of identified
risks and the effectiveness of mitigation strategies. This ensures that risk management
remains dynamic and responsive to new developments.
5. Reporting and Communication: The final component is the actual report, which should
be clear, concise, and tailored to the audience. This involves presenting the findings,
analysis, and recommendations in a manner that is accessible and actionable for
stakeholders.
Best Practices in Risk Reporting
To maximize the effectiveness and impact of risk reporting, consider incorporating the following
best practices:
1. Consistency: Use a consistent framework and terminology across all risk reports to
ensure clarity and comparability over time.
2. Accuracy: Ensure that the data used in risk reports is accurate and up-to-date. Inaccurate
data can lead to poor decision-making and undermine the credibility of the report.
3. Relevance: Focus on the most significant risks and avoid overloading the report with
unnecessary details. Stakeholders need to understand the key risks and their implications
without being overwhelmed.
4. Timeliness: Risk reports should be produced and distributed regularly, with additional
reports generated in response to significant events or changes in the risk landscape.
5. Engagement: Engage with stakeholders to understand their risk information needs and
preferences. This helps ensure that the reports are useful and actionable.
6. Use of Technology: Leverage technology for data collection, analysis, and reporting.
Advanced risk management software can enhance the efficiency and effectiveness of risk
reporting processes.
Effective risk reporting is crucial for all types of businesses, including small and medium
enterprises (SMEs). This section provides examples of basic risk reporting for three different
types of SMEs: manufacturing, foreign trade, and commerce/retail trade.
https://trainual.com/template/risk-reporting-process
https://www.cin.ufpe.br/~if717/Pmbok2000/pmbok_v2/wbs_11.5.html

Risk allocation strategies in minimizing project risks

https://www.simplilearn.com/risk-management-strategies-article
https://asana.com/resources/project-risks

Impact of regulatory changes on an organization's risk management strategy..

https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/
regulatory-risk/#:~:text=Sometimes%20regulatory%20changes%20can
%20benefit,diversification%20in%20its%20operating%20strategies.

https://kpmg.com/us/en/articles/2024/managing-risk-regulatory-changes.html

Risk Management Frameworks

A risk management framework provides a structured approach to managing risks within an
organization.
Key elements commonly found in such frameworks:
1. Establishing the Context: Understanding the internal and external environment in which
the organization operates. This includes defining the scope, objectives, and risk criteria.
2. Risk Identification: Systematically identifying potential risks that could affect the
achievement of objectives. This can involve various techniques such as brainstorming,
checklists, and risk assessment tools.
3. Risk Assessment:
○ Risk Analysis: Evaluating the likelihood and impact of identified risks.
○ Risk Evaluation: Comparing the level of risk against the organization’s risk
criteria to prioritize risks.
4. Risk Treatment:
 ○ Risk Mitigation: Implementing measures to reduce the likelihood or impact of
risks.
○ Risk Transfer: Shifting the risk to another party, such as through insurance or
outsourcing.
○ Risk Acceptance: Acknowledging the risk and deciding to take no action or
accept its consequences.
5. Risk Monitoring and Review: Regularly monitoring risks and the effectiveness of risk
management measures. This includes reviewing and updating the risk management
framework as necessary.
6. Communication and Consultation: Engaging with stakeholders to ensure they are
informed about risk management processes and their roles in managing risks.
7. Documentation and Reporting: Maintaining records of risk management activities and
reporting on risk status to stakeholders.

https://www.servicenow.com/products/governance-risk-and-compliance/what-is-risk-
management-framework.html

Building Comprehensive risk management plan to enter into new markets

https://www.auditboard.com/blog/how-to-build-a-comprehensive-risk-management-plan/

Additional Overview and Link

https://www.atlassian.com/work-management/project-management/enterprise-risk-
management