Risk Management
The likelihood of a risk occurring can only be estimated, however each risk should be identified, understood and evaluated by the Board.
Risk assessment will normally focus on the key risk areas for your organisation, and the likely negative or reputational damage should something go wrong. e.g.,
In addition to identifying risk the Board are responsible for ensuring that a Risk Management system is put in place. This will protect the organisation, by reducing the likelihood of each risk occurring and minimising the impact where possible.
A Risk Management Policy and Risk Register specific to your organisation can be produced for consideration and approval by your Board.
