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Design Features for Risk Management Program

Question: 
What are the design features of an effective Risk Management Program (RMP)?
Answer: 

At a minimum the following features should be included in your RMP:

  • Proper Risk Identification focuses on recognizing and understanding existing risks or risks that may arise from new business initiatives.
  • Accurate and Timely Measurement of Risks is a critical component of effective risk management.
  • Establishment and Communication of Risk Limits through policies, standards, and procedures that define responsibility and authority.
  • Regular Monitoring of Risk Levels will ensure well-timed reviews of risk positions and exceptions.
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    First published on 02/07/2011

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