Integrated Risk Management
RISK MANAGEMENT IS IMPORTANT to the success of every organization.
DUE DILIGENCE is what we promote!
Integrated Risk Management is what we support!
Organizations of all size face risks. Some risks are so severe they cause a business to fail. Other risks are so minor and can be accepted without another thought.
Organizations use risk management techniques and processes to identify and differentiate severe risks from minor risks; when this is done properly administrators and managers can intelligently decide what to do about any type of risk; the end result is a decision to avoid, share or transfer, mitigate, or accept a risk.
Effective IRM provides a framework for understanding and prioritizing very different types of risks from across an organization, for creating a concise summary of the most significant risks, and for identifying whether further work is required to bring these risks to acceptable levels.
Risk is an opportunity. In a dynamic and complex world, organizations face external extraordinary growing challenges - natural disaster, severe weather, climate change, infrastructures and technology failures, cyber invasions, emergent infectious diseases, man-made events to name just a few. Organizations face as well, inside threats and risks, strategic, operational, financial, reputation to name a few.
Today, risk management plays a significant role in strengthening organization capacity to recognize, understand, accommodate and capitalize on new challenges and opportunities. Effective risk management equips organizations to respond actively to change and uncertainty by using risk-based information to enable more effective decision-making. In turn, increased capacity and demonstrated ability to assess, communicate and manage risk builds trust and confidence, both within your organization, clients, or patients, key stakeholders, the public and communities.
Source: Integrated Risk Management: implementation guide, Andrew Graham. Queen’s University. http://post.queensu.ca/~grahama/publications/TEXTPDF.pdf