Enterprise Compliance Today

7 Tips to Track Risk Management & Fulfill Duties in Less Time

Posted by Greg Carroll on Fri, Jun 14, 2013 @ 05:49 AM

The right compliance software can help make it easier to implement - and reap rewards.


track risk management

Good risk management means taking a pragmatic approach to the implementation of effective risk protocols. Fast Track can help, especially with risk assessment and risk management. For more info, download the free FastTrack.net Product Guide »

For anyone involved in compliance management, project management or corporate governance, there's no getting around risk management. It's an obligation. Here are my seven tips to enable you to fulfill your obligations with the minimum time commitment.

1. Risk Identification: Get a junior to Google a series of key words -- "tips", "(your process)", and "risk mitigation" -- to put together a standard set of potential issues and related risk plans for you to review and tailor for your particular needs. 

2. Risk Assessment: Use an automated tool to calculate risk and priorities using simply identified criteria. Start with the frequency of an occurrence and the seriousness of the effect if it occurs.

3. Risk Control: Refer issues to anyone who would possibly be affected, asking for their opinion on how they would handle the issue. Use multiple sources and combine their recommendations to make your own.

4. Risk Management: Use a tool that stores a hierarchy of assessments to allow simple consolidation for reporting. This will permeate the effect of changes with little time and effort.

5. Risk Mitigation: As a general principle, the best options to handle a risk are:

  • Remove the hazard completely, if this is possible
  • Replace the hazard with a lesser threat
  • Make changes to the process, equipment or plant to reduce the hazard
  • Put in place policies and procedures to minimise the risks
  • Train or change workplace behaviour
  • Provide equipment to protect against the risk

6. Risk Monitoring: Spread the workload and responsibility by carrying out risk-awareness training sessions covering these assessments and how to identify and mitigate their effect. That especially includes your more senior business executives. Executive awareness breeds executive responsibility.

7. Risk Reviews: The easiest way of planning is with hindsight. At regular points of a project or process, have a review to look for lessons learnt -- causes and effects -- that you can use in your next project.

In the end, good risk management means taking a pragmatic approach to the implementation of effective risk protocols. Fast Track can help, especially for tips 2 and 4. Use Fast Track and you’ll also save time with our proven rapid implementation process.


Tags: risk management, project management