The 52 Risks® framework has a multitude of uses. It can be used to assist business owners, executives and risk managers gain a deeper understanding of the risks that any business may face.
Below are 21 ideas that can re-energize the discussion and oversight of risk in any business.
- Set aside a day for a full board or executive workshop using the 52 Risks® framework. Use the workshop to narrow down the focus on key business risks from the framework to discuss and address
- Hand around the 52 Risks® infographic around the board or executive table each month to identify any new risks
- Undertake a deep dive on one strategic, financial or operational risk from the 52 Risks® framework. Ask a team to complete the deep dive and present back to the board or executive team
- Use 52 Risks® as a tool to assess the risks of any business case or investment proposal prior to approval
- Ask your internal or external audit team to review the 52 Risks® framework and identify any risks that should be the subject of an audit review
- Incorporate 52 Risks® into the strategic planning process. Test the strategic plan against the risks in the 52 Risks® framework
- Ask your Chief Financial Officer or Finance Manager to present on the 16 Financial Risks in the 52 Risks® framework
- Ask your Chief Information Officer or Information Technology team to consider the operational risks that are relevant to the operation of your IT function.
- Consider incorporating the 52 Risks® framework in your procurement processes to assess the risk profile of key vendors
- Review your regular management reporting. Are any of the risks in the 52 Risks® framework missing from the analysis and commentary ?
- Develop risk management learning and development sessions, focusing on risks selected from the 52 Risks® framework, to assist management and employees better understand how to identify, assess and manage business risks
- Use the 52 Risks® framework as the basis of an internal risk management newsletter to raise awareness of specific risks
- Consider using the 52 Risks® framework in your annual financial reports to stakeholders
- Periodically review the risk profile of key business partners using the 52 Risks® framework
- Identify key business risks from the 52 Risks® framework that need to be managed and incorporate these in management KPIs and performance plans
- Review any investments you may have using the using the 52 Risks® framework
- Review and assess Climate Change Risk – an important Strategic Risk – and its impact using the 52 Risks® framework
- Undertake a scenario planning session based on the Strategic Risks in the 52 Risks® framework
- Ask your Compliance and/or Legal teams to undertake a joint workshop on key non-financial risks in the 52 Risks® framework
- Ensure that there is a clear risk owner for each of the risks under the 52 Risks® framework
- Review your risk registers to ensure that they have assessed and documented all of the key business risks under each of the risk categories in the 52 Risks® framework
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