Risk is defined as “the effect of uncertainty on objectives”. As the world around us continues to change at a rapid pace, there has never been so much uncertainty to respond to! It is worth bearing in mind that these “effects” can be both positive and negative, and that managing the risks can present challenges but also opportunities. Afterall, it is often said that risk and opportunity are two sides of the same coin.
Managing risk helps us to realise our organisational strategy and achieve our business objectives. By identifying & managing the risks, we can not only achieve our business objectives, but also build organisational resilience and growth.
Identifying risks, developing our risk appetite, formulating risk treatment & control plans, and collating this into a risk register becomes part of the structured & systematic approach we call our Risk Management Framework.
It is important that our Risk Management Frameworks are reviewed regularly, with emerging and evolving risks identified, and actions taken to determine if these risks present an opportunity or a challenge for our business. Better that we are informed and can take proactive steps, rather than be reactive!
So what steps can you take right now to ensure the relevance of your organisation’s Risk Management Framework?
Here’s 3 key actions you can take to review your risk management program:
- Review your Enterprise Risk Register – are your risks identified, with risk controls established & operational
- Define your Risk Appetite for these identified risks – determine how much risk you want to take for each risk category
- Complete some Risk Assurance activities – check that your risk framework has been reviewed recently and it is working as intended
Taking these 3 actions can support your risk management program and build risk resilience. If you want support with this or need advice on how to implement any of the above actions, reach out to us at the Mindful Risk Group for a chat.
For more information on the above actions, please refer to our blogs below:
- 26 May 2025 – Key Steps to Reviewing your Risk Register
- 2 June 2025 – Techniques for Identifying Emerging Risks
- 30 June – The Risk Management Process
- 22 August 2025 – The Cost of Not Managing Risk
- 28 September 2025 – Why Defining Risk Appetite Matters
Click the link below to access all of our past email blogs.