Integrate Strategic Risk Analysis Into Your Strategy Formulation and Execution
Manage strategic risks as they are identified during strategy formulation process. Identify, assess, control, reassess, respond and monitor strategic risks.
Risk Register
Use risk register as a live management tool and a central repository of identified strategic risks. Manage risk lifecycle and record details of all strategy risks from a business perspective.
Controls
Manage corrective, preventive, and detective controls. Define control objectives, assess the effectiveness of controls, and cascade it to the risk assessment.
Risk Assessment
Determine how effective the controls are to mitigate the threats and what strategy should address the residual risk. Assign probability and impact levels for both threats and opportunities. Apply controls to address the risks. Reassess to determine the residual risks and determine response strategies: avoid, mitigate, accept, transfer or monitor. Manage risk profile of strategic risks.
Strategic Risk Profile
Identify the nature and level of threats and opportunities, the probability of the uncertain event happening, level of impact, and effectiveness of controls. Ensure that key risks are identified and responded to and minor risks are filtered out.
Control Assessment
Identify controls that failed. Identify the cascading effectiveness of control failures on Strategic Risks. Identify which line of defense performed the controls
Integrate with ERM
Ensure Enterprise Risk Management guidelines and best practices are adhered to. Bi-directionally share information with ERM systems.