ESTABLISHING THE RISK 2025

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To ensure safety and security, sharing dangerous details through communication, closed loop planning, and collaboration is important. The 3 Cs of risk assessment communication, closed loop planning, and collaboration provide a framework for discussing and addressing potential risks.
Step 1: Determine the organizations risk tolerance/appetite. Step 2: Identify potential exposures. Step 3: Quantify each exposure. Step 4: Compare current levels of risk to the target level of risk. Step 5: Develop and implement an appropriate risk management strategy to manage the differences between the two.
Heres how it works, step by step: Step 1: Identify. Start by identifying potential risks that could impact your organization. Step 2: Analyze. Step 3: Prioritize. Step 4: Develop a Risk Response Strategy. Step 5: Implement Controls Mitigation Measures. Step 6: Monitor Detect Emerging Risks. Step 7: Review Improve.
Risk criteria are an important point of reference for evaluating the significance of risk. They link strategy and action and help you determine whether you are taking on the right amount of risk.
To identify risks, consider: What could go wrong? How could we fail? What must go right for us to succeed? Where are we vulnerable? Which assets do we need to protect? Do we have liquid assets or assets with alternative uses? How could someone steal from the department? How could someone disrupt our operations?

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The four-step risk management process Identify risks. Assess and measure risks. Apply controls. Monitor and review effectiveness.
Risk can be created by external factors that the business doesnt control, as well as by decisions made within the companys management or executive team. While companies may not be able to completely avoid business risk, they can take steps to mitigate its impact, including the development of a strategic risk plan.
Establishing the context is the first of the seven risk management steps where the objectives and influences of the risk management process are defined. The first activity in establishing the context is to agree and define the objectives of the entity or the activity being considered.

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