Risk management is often neglected or – at best – an afterthought in many businesses. 2024 will again present a range of known and unknown risks.
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 resilant businesses.
Below are 24 ideas on how to use the 52 Risks® framework to take charge of risk management in any business:
- Forward the 52 Risks® infographic to your team or peers and ask them to think about any emerging or strategic risks they can identify from the infographic
- Print out the 52 Risks® infographic and hand it around the board or executive table at the next meeting to identify any new risks
- Devote a full day to a board or executive workshop using the 52 Risks® framework. Select important business issues and risks to be discussed from the framework
- Incorporate 52 Risks® into the strategic planning process. Use the framework to update and validate the strategic plan against the risks in the 52 Risks® framework
- Use 52 Risks® as a tool to assess the risks of any business case or new investment proposals
- 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
- Consider using the 52 Risks® framework in your annual reporting to stakeholders
- 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.
- 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 2023
- Map the risks in the 52 Risks® framework to specific business or risk owners
- Periodically review the risk profile of key business partners using the 52 Risks® framework
- 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 communications to raise awareness of specific risks
- Identify key business risks from the 52 Risks® framework to incorporate into management KPIs and performance plans
- Review any investments you may be considering 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
- Develop a risk register using the 52 Risks® framework
- Review any existing 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
- Compare the risks in the 52 Risks® framework to your ESG or Sustainability disclosures. Are you missing any in the ESG documentation?
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