RISK IDENTIFICATION DAY 1
Once a risk philosophy has been considered and a governance framework established or enhanced, the practical task of managing risk is set in motion. The first step in the process centres on the proper identification of risk.
Definition: Risk identification is the process of determining risks that could potentially prevent the program, enterprise, or investment from achieving its objectives. It includes documenting and communicating the risks that might affect the project, process or deliverables of the organization. It provides the opportunities, indicators, and information that allows an organization to raise major risks before they adversely affect operations and hence the business.
Usually, the team members, subject matter experts, customers, end users, other project managers, stakeholders, and risk management experts are involved in risk identification.
It is only through complete and accurate identification that a firm can measure risk, report and manage its exposures. Improper risk identification can mislead the management into:
- Focusing on the wrong priorities;
- Making poor decisions; and;
- Producing improper risk disclosures.
Risk identification process involves:
- Defining and categorizing risks;
- Conducting internal qualitative surveys on the frequency and severity (impact) of each risk; and
- Scanning the external environment for emerging risks.
Kindly note that your noble Association was recently invited to a lecture on business integrity for professionals titled 1st Annual Christopher Kolade lecture on Business Integrity. The Association was represented by the DG. Kindly refer to page 15 of the Guardian newspaper of Tuesday July 16th 2013 which shows the picture of the DG of your Association and DG of SEC, Ms Arunma Oteh, discussing at the occasion.
For you to continue to partake in these regular risk alerts, kindly join the Association (by registering and paying the appropriate fee) and be a certified Enterprise Risk Management Professional.
For further enquiries, contact
The Director General / Chief Executive
Association of Enterprise Risk Management Professionals
Tel 07062206653, 08033468451, 07088905252
Jamesbaf (on 2018-02-17 22:15:37 said)
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