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Funding a business
Components of effective risk reporting
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[QUOTE="Yakub02, post: 305935, member: 94426"] Components of effective risk reporting The required content of effective risk reports can be stated using the following five components that would be expected in an effective risk management system: risk agenda; risk assessment; risk response; risk communication; and risk governance. Risk agenda This explains the reasons for undertaking risk management activities and expected benefits from doing so. Good risk reports would include the following: a clear statement of the drivers for the company when planning and undertaking risk management activities; a description of the benefits from the risk management processes established; and information on resources allocated to risk management activitiesRisk assessment Good risk reports would include the following: a clear description of the procedures in place and information used to identify risks; an explanation of how risk is evaluated; a list of significant risk. Risk response Good risk reports would include the following: description of appropriate responses for each risk; information on how the efficiency and effectiveness of existing controls is assessed; description of disaster response and business continuity plans. Risk communication Good risk reports would include the following: a description of how risk management processes and responsibilities are communicated throughout the company; information on risk management recordkeeping and on risk reporting and whistleblowing arrangements in the company. [/QUOTE]
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