Initial Actions toward ISO 31000 success
Building off the theme of “Keys to Success,” above, we need to plan the initial actions, and steps to support the development of a tailored Enterprise Risk Management initiative. The plan reflects some simple, basic steps for implementing Enterprise Risk Management, including the key step of performing an initial risk assessment.
Step 1: Seek Board of Directors (BOD) and Senior Management leadership, Involvement and Oversight
Step 2: Select a Strong Leader to Drive the Enterprise Risk Management Initiative
Step 3: Establish a Management Risk Committee or Working Group
Step 4: Conduct the Initial Enterprise-wide Risk Assessment & Develop an Action Plan
Step 5: Inventory the Existing Risk Management Practices
Step 6: Develop Your Initial Risk Reporting
Step 7: Develop the Next Phase of Action Plans & Ongoing Communications