Diligence Risk Management - Best Practice

A best practice system for managing risk would address all of the following issues:

• Buy-in and ownership of risk management philosophy at Director/Board level
• Company policy on risk
• Organisational structure and individual responsibilities
• Risk Management Group or Committee
• Risk management process
• Identification of risk
• Analysis and evaluation
• Treatment and control
• Risk Register
• Action plans with responsibilities and timescales
• Monitoring of plans and activity
• Risk reporting (to Board and Stakeholders)
• Regular review of Register and emerging risks
• Structured insurance programme