Fundamentals of Risk Management

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Risk culture
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TAbLE 
27.1
Risk management technical skills
Skills associated with planning risk management strategy
Evaluate status
Evaluate the organizational context and objectives
and map the external and internal risk context
Develop strategy
Develop risk strategy and risk management policy and 
develop the common language of risk
Skills associated with implementing a risk management architecture
Design architecture
Design and implement risk management architecture,
roles and responsibilities
Develop processes
Develop and implement the risk management processes, 
procedures and protocols
Build awareness
Build a culture of risk awareness aligned with other 
management activities
Skills associated with measuring risk management performance
Facilitate 
assessments
Facilitate the identification, analysis and evaluation of risks, 
and design record-keeping procedures
Evaluate controls
Evaluate existing performance and evaluate efficiency and 
effectiveness of existing controls
Improve controls
Facilitate the design and implementation of necessary and 
cost-effective control improvements
Skills associated with learning from risk management experience
Evaluate framework
Evaluate risk management strategy, policies and processes, 
and introduce improvements
Design reports
Develop understanding of reporting requirements,
design reporting formats and produce appropriate
reports
Range of skills
The range of skills required by a successful risk management practitioner includes 
technical or hard skills and people, interpersonal or soft skills. Technical skills can be 
divided into risk management technical skills and business technical skills. The risk 

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