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 | Risk Policy |
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Risk management is most effective when integrated into management values, established at the highest level and defined by the organisation's policy for managing risk. The risk policy sets out the objectives for and senior management's commitment to, risk management. The policy may include:
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- Objectives and rationale for managing risk;
- Relationship between the risk policy and strategic business plans;
- The range of risks that need to be managed;
- Guidance on what may be regarded as acceptable risk;
- Processes used to manage risk;
- Accountabilities for managing various types of risk;
- What capabilities are available to support and assist those accountable for managing risks;
- The requirements for monitoring, reviewing and reporting performance in regard to the policy;
- The frequency of periodic review of the risk management system; and
- A statement of commitment to the policy by directors and the organisation's executive.
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