52 Risks® is a unique, innovative framework designed to assist organizations identify, assess and manage their business risks. It proposes a common language and terminology for business risks in a consistent manner. The framework comprises 17 Strategic Risks, 16 Financial Risks and 19 Operational Risks. All potential business risks will map to one of these risk categories.
52 Risks® can assist all organizations – no matter how large or small – to compile the definitive list of strategic, financial and operational risks that can impact them. The framework enables both a top-down and bottom-up analysis of key strategic, financial and operational risks. By systematically working through each risk category, a core list of material business risks can be identified. Very low risk categories can be discarded early in the top down approach. This leaves an up to date list of risks to be explored and assessed further.
Information on existing, known risks from management reports, financial reports, audit reports and any previous risk assessments undertaken can can also assist identify key business risks. This bottom up analysis can leverage off the understanding within the organization about key business risks.
The Resources page has a number of tools to assist businesses understand their risks.