ISO31000 - Risk Management Principles

Risk management creates and protects value.

Risk management contributes to the demonstrable achievement of objectives and improvement of performance in, for example, human health and safety, security, legal and regulatory compliance, public acceptance, environmental protection, product quality, project management, efficiency in operations, governance and reputation.

Risk management is an integral part of all organizational processes.

Risk management is not a stand-alone activity that is separate from the main activities and processes of the organization. Risk management is part of the responsibilities of management and an integral part of all organizational processes, including strategic planning and all project and change management processes.

Risk management is part of decision making.

Risk management helps decision makers make informed choices, prioritize actions and distinguish among alternative courses of action.

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Five principles for creating a strategy-focused organization

Principle 1: Translate the strategy into operational terms

This principle comprises two sub-components: Strategy Maps and Balanced Scorecards that together describe the strategy and its implementation. It is by translating strategy into the logical architecture of a Strategy Map and a Balanced Scorecard that organizations create a common, understandable point of reference for everyone.

Principle 2: Align the organization to the strategy

Synergy is the overarching goal of organization design. Organizations consist of numerous sectors, business units and specialized departments, each with its own strategy. For organizational performance to become

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Webinar - Integrating Risk Into Your Balanced Scorecard - 27th Sept

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Join Andrew Smart, the CEO of StratexSystems, as he presents a one-hour webinar on integrating Risk into Your Balanced Scorecard. He will explain the important role a Balanced Scorecard has to play in a risk management framework, how to use the Balanced Scorecard to set the context for your risk management initiative and how create alignment within your organisational culture through risk appetite, accountabilities and alignment matrix.

To effectively Integrate Risk into Your Balanced Scorecard, technology is critical. Andrew will demonstrate how your organisation can take advantage of its SharePoint investment to deliver an Integrated Risk into Your Balanced Scorecard.

Register here