Creating a Risk Management Plan to Reduce the Impact of Negative Events

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Darrell Kuhn

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An effective risk management process will help identify which risks pose the greatest threat to your Organization and develop the policies and practices for managing them. It provides the strategies, and processes to help recognize and address any risk that could impact the Organization in fulfilling its mission.  Examples of risks include security breaches, data loss, cyberattacks, system failures, fraud, pandemics, and natural disasters. 

The Board is responsible for establishing a Governing Policy and Process to guide the Organization in the mitigation of significant risks. The Board’s objective of risk management is to ensure that the staff of the Organization act to reduce exposure to risk. Every decision made by the Board, should include some type of risk management process. The Board must ensure the effectiveness of the Organization’s risk management plan. This is accomplished by being efficient, structured, collaborative, and including all areas of the Organization.