There is little doubt that challenges will face all businesses again in 2022.
The 52 Risks® framework can be used to assist business owners, executives and risk managers gain a deeper understanding of the risks that any business may face. This will enable growth and stronger, more reliant businesses.
Below are 22 ways in which the 52 Risks® framework can facilitate the discussion and oversight of risk in any business:
- Email the 52 Risks® infographic to your team members or colleagues and ask them to think about any emerging or strategic risks they can identify from the infographic
- Hand around the 52 Risks® infographic around the board or executive table each month to identify any new risks
- Set aside a day for a full board or executive workshop using the 52 Risks® framework. Select the key business issues and risks to be discussed in the workshop from the framework
- Arrange for a ‘deep dive’ on one strategic, financial, or operational risk from the 52 Risks® framework. Ask a specific 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 new investment proposals
- 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 in 2022
- Incorporate 52 Risks® into the strategic planning process. Use the framework to stress test and validate 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 vendor risk assessment and procurement processes
- Review your regular management reporting and seek to identify any risks in the 52 Risks® framework that may be missing from the reporting ?
- Develop risk management learning and development sessions, focusing on risks selected from the 52 Risks® framework, to assist everyone in the business to better understand how to identify, assess and manage business risks
- Use the 52 Risks® framework as the basis of an internal newsletter to raise awareness of specific risks
- Consider using the 52 Risks® framework in your annual reporting 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 around selected risks from 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 ownership within your business or organization for each of the risks under the 52 Risks® framework
- Review your risk registers to ensure that they have assessed and documented the key business risks under each of the risk categories in the 52 Risks® framework
The Resources Center has all the tools needed to undertake any of the above, including the 52 Risks® infographic and the Mapping the 52 Risks® Template
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