Fundamentals of Risk Management

BIS: Approach to risk
Our risk management approach is based on devolved accountability across the departmental groups 
and our partner organization network, so that risks are assigned to those best placed to manage 
them, whilst maintaining clear accountability. Risks that can and should be managed at group or 
partner organization level remain within those entities and are subject to their own risk assurance 
and scrutiny processes in line with the overall risk management process set by the department.
A corporate performance and risk team acts as a central point for advice and guidance on 
effective risk management. The team co-ordinates the top level risk register, which is the route by 
which our most significant risks are escalated. Risks for escalation to the top level risk register are 
proposed at all working levels, but only those risks that could have a significant, cross-cutting impact 
on the department are included.
Following a risk management review by internal audit, we have continued to focus on building 
skills and capacity within our approach to risk management. This has further enhanced consistency 
across the department and our partner organizations. A continued emphasis on sharing good practice 
in risk management, supported by training and development for our staff has improved our agreed 
processes to risk management.
The risk management process has continued to work well in BIS with risks escalated throughout 
the department and scrutiny provided by our boards, committees and non-executive board members. 
Work over the next 12 months will focus on further building skills and capacity to fully embed the BIS 
risk management processes, ensuring a comprehensive understanding amongst the department and 
our partner organizations.
Edited extract from Department for Business Innovation and Skills
Annual Report and Accounts 2013–14

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