For large, multi-location or dispersed organisations, it is often difficult to establish a base-line of risk management control, that is, the development of minimum control standards. Organisations must ensure that all locations at least meet minimum standard or are in fact striving toward best practice through a continuous improvement process. Boards and executives require the assurance that good corporate governance practices within the operational arena, extend outside of head office, into remote sites and territories.
RiskTech's integrated risk management auditing system provides continuous improvement in operational risk management throughout your business. It is based upon three quality principles:-
- Providing your people with the policies, standards and tools to manage operational risks;
- Empowering your people to manage their own risks through heightened awareness; and
- Monitoring performance using a simple, structured audit process.
The integrated risk management process embraces the following elements:-
- Integration of existing policies and procedures and the development of new ones to manage risks to a minimum acceptable standard but also provide a pathway to improve to best practice.
- Auditing sites for compliance to the policies and standards set; and
- Identifying risk improvement opportunities to be actioned and implemented within an agreed time frame.
An Integrated Risk Management System provides a comprehensive benchmarking process of ranking risk management across your organisation.
Some of the benefits of this process will be:
- A simple basis for executive review of risk management issues;
- A high level of ownership and support for the process by site management;
- A continuous improvement process;
- Identification of where there are control weaknesses or control gaps;
- It provides your people with the tools to manage risks; and
- Creation of benchmarking information and simple action plans.