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Every organization manages its risk in some way, but not always in a way that is visible, repeatable or consistent, to support effective decision-making. The task of Management of Risk is to ensure that an organization makes cost-effective use of a risk management process that includes a series of well-defined steps. The aim is to improve internal control and support better decision-making through a good understanding of individual risks and the overall risk exposure that exists at a particular time.
Management of Risk Guide provides an accessible framework for taking informed decisions on managing risk throughout the organization, from planning, designing policy and strategy to dealing with threats and opportunities in your day- to- day operations and services.M_o_R is designed to provide you with tools you need to meet all your business objectives, to improve service delivery to your customers and achieve real value for money. Adopting the M_o_R concepts will help your organization prepare for the future, recognizing that some risks are essential if you are to attain your goals.
Management of Risk framework is based on four core concepts:
M_o_R principles. Principles are essential for the development and maintenance of good risk management practice. They are informed by corporate governance principles and international standard for risk management, ISO31000:2009.
M_o_R approach. Principles need to be adapted and adopted to suit each individual organization. An organization's approach to the principles needs to be agreed and defined within a risk management poliy, process guide and strategies.
M_o_R process. The process is divided into four main steps:identify,assess,plan and implement. Each step describes the inputs, outputs, tasks and techniques involved to ensure that the overall process is effective.
Effective risk management is likely to improve performance against objectives by contributing to: