In order to improve the risk management performance of an organization, a risk management initiative will be required. The nature of this initiative will depend on the size, complexity and nature of the organization. There is no single correct approach to implementing risk management
in an organization. The drivers for undertaking risk management and the expected outputs and impacts will vary between organizations

The initial, and perhaps most important, step is ensuring that the risk management initiative is sponsored by a member of the board or a senior member of the executive committee of the organization. Information on the successful introduction of a risk management initiative is also available in the various risk management standards and frameworks.

eKnols staff helped organizations with the following activities:

  • Sponsorship of the project by a board or executive committee member
  • Identify the risks within an agreed classification system
  • Define the role of the risk manager as facilitator
  • Develop the role of the risk management committee
  • Produce the profile of risks using an agreed risk recognition technique
  • Develop a risk management culture within the organization
  • Ensure that risk management is aligned with the business process
  • Determine the risk appetite of the organization
  • Quantify the cost of risk controls
  • Demonstrate that risk management is making a contribution
  • Describe the contribution to objectives and corporate governance
  • Undertake a management review of all risk management activities
  • Ensure that maximum benefits continue to be delivered
  • Develop a shared perception of risk within the organization