Fundamentals of Risk Management

Index
458
protocols
components of 245
manual of risk management 250–52
procedures 248–49
RASP context components 75–6
public sector
risk reporting 429–30
quality management 112
quality standards
project risk management 371–72
reputation and 240–43
Rank Group plc
importance of compliance 62
risk management in 12
whistleblowers policy 354
RASP framework 3, 244–46
components of 75–6
context and 87
see also protocols; risk architecture; strategy
regulation
reporting on 426
relationship skills 331–32
CRAM skills 327–28
reputation
benefits of management 65
brand protection 281–82
CASE components of 240–43
CORR business components 233
importance of 234, 240
long to short term risks 141
riskiness index 165
significance of impact 147
threats to 242
see also FIRM risk scorecard
resilience
CORR components 232–33
importance of 107–09
resources
CORR components 232–33
sustainability of 234
response to risk
4Ts of hazard risk 51, 52, 61
case studies 172–73
consistency in 316–17
COSO framework 77–8
documentation of 244, 254
matrix of zones 190–91
strategic approaches 182–85
responsibility
allocation of 257–58
audit committees 403
of the board 341
chief executive officer 258, 259, 262, 263
management and 419–20
non-executive directors 261
range of 258–60
risk reporting 430
role of risk manager 262–63
statutory 260–61
three lines of defence 260
rewards and risk decisions 274
risk
approaches to definitions 15–6
attachment of 26–8
attitudes towards 30–2, 302
control activities 77–8
emerging 105–07
mitigation 424
monitoring 424
opportunity 29–30
perceptions and attitudes 127–31
positive/negative aspects 15–8
as positive or negative 15–6
potential issues of 47
sharing/transferring 181
significance 149–50
‘universe of’ 128–9
voluntary/involuntary 127
Risk and Insurance Managers Society (RIMS) 53
cause of global financial crisis 368–69
defining ERM 98
risk architecture
components of 245, 246
context components 75–6
documentation 250
outline of risk management 51, 52
in practice 264–67
procedures and responsibility 247
standards and 244
risk assessment 6
approaches to 120–22
bow-tie model 155
business models and 233–34
checklists and questionnaires 122–23
COSO framework 77–8
cost containment 157–58
damage limitation 157
flow charts and dependency analysis 123, 124
importance of 119–20
inspections and audits 123, 124
opportunity and 162–63
perceptions and attitudes 127–31
PESTLE analysis 124
risk registers 88–92
SWOT analysis 124
techniques 122–24
top-down/bottom-up 120–22
workshops and brainstorming 123, 124
risk assurance
benefits of 409

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