It has been found that 60% of major organizations that operate without a best practice risk
management program have been observed to under perform others in the same field or
occupation. This is why it is crucial for your organization (especially if it is of
significant magnitude) to offer an integrated risk management program that will involve key
players in the organization. At present, your organization might have bits and pieces of
risk management procedures set in place but it is necessary for all these risk management
policies and procedures to be able to work together cohesively.
To come up with a sound integrated risk management program, it is recommended that you
adopt a holistic approach. Here, you should be able to compare your existing risk profile,
systems and budget with that maintained by your colleagues in the same industry or field.
You need to determine how your organization stands to be affected by factors that may
impact on your ability to operate (particularly in the financial aspect.)
Another aspect of the program is planning for strategy, governance, organization,
architecture, continuity of your business, recovery from threats and crisis management.
The next stage would be implementation of any plans you came up with (particularly with
regards to partner issues, project management, change management, and program management.
You should then attempt to compare the results you come up with to pre-set standards,
aiming always to keep improving and progressing while being flexible enough to adjust to
fluctuating business objectives.
Shareholders in any risk management program would be risk managers, security, the IT
department, users, operations, and the management as well. Each of these should know what
their functions, responsibilities and accountability are when it comes to risk management.