Over the last 15 years I have implemented risk management in hundreds of organisations across Europe, Australia and Middle East. Here is a step by step guide how I actually did it. May not work every time and some decision makers will ignore risks no matter what we do, but it did win the Best ERM implementation awards in Europe and US in 2021 and 2014 :)))
A. Despite the fact that risk management is a decision making tool, you should probably get Risk Management 1 sorted first, to keep the auditors, rating agencies and regulators at bay. It’s RM1, so keep it as simple and as quick as possible, this is less than 10% of the overall effort.
B. OK, now it’s time to do some real Risk Management 2 (RM2)
C. Implementing risk management 2 is as much about culture as it is about process
D. Last thing is to develop the risk management team itself
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