Some words of advice for evaluating your risk management practises
Risk management should:
- create value– resources expended to mitigate risk should be less than the consequence of inaction, the gain should exceed the pain
- be an integral part of organizational processes
- be part of decision making process
- explicitly address uncertainty and assumptions
- be systematic and structured
- be based on the best available information
- be tailorable
- take human factors into account
- be transparent and inclusive
- be dynamic, iterative and responsive to change
- be capable of continual improvement and enhancement
- be continually or periodically re-assessed
