Improve Your Risk Evaluation and Control Tip #2

Identifying new risks and additional controls can provide visible and evident benefits to the organization but can initially seem daunting.  By following these tips, you can expedite this step and grow your network while enhancing your organization’s defences.

Tip #2 Coordinate with other risk management groups within the organization

Use your resources wisely.  Currently, most organizations contain various individuals that have some responsibility for identifying, measuring and controlling risks to the entity. Research your internal resources and leverage completed risk assessments.  Look for expertise in your risk management (and/or insurance), internal audit, physical and data security teams and on your health and safety committee.

Some organizations have started to group these functions under one umbrella.  You will save your organization money if you work together to create a risk register.  Various software tools are available. You may even consider using a collaborative tool such as a risk register wiki that allows all these functions to contribute and capture a more robust catalogue of the company’s risk.

Return tomorrow for our next tip…

(For more information on DRI’s professional practices please read Professional Practice One – Program Initiation and Management DRII Professional Practices  June 1, 2012 Version 1)

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