Effective Risk Management

How do you know that your risk management is effective? Before you switch off, this Bulletin isn’t about promoting risk management and controls software. We’ve seen a lot of that being pushed in response to the changes introduced through last year’s update to the Corporate Governance Code*. You might decide that a complete overhaul is in fact needed, but that isn’t the intent of the Code and should only happen if it is driven by business needs and benefits.

In our usual style, here we aim to give you some practical tips on what to do without it becoming a major risk management project. You will have a lot of controls and risk management systems already in place.  So this is about leveraging what you’ve got and explaining how you know it’s effective whilst doing something that brings benefits.  Here we share a few good practices for Audit/Risk Committees and things to avoid.