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Risk Assessment – once an event is identified as a risk, it should be assessed properly. The impact of a certain risk will determine the response.
Risk Response – depending on the impact of the risk, management must decide whether to accept, avoid, reduce, or share the risk.
Control Activities – rules and regulations must be established so that the people involved will be able to carry out the response properly.
Information and Communication – must be present in every component so that everyone in the organization will be aware and be better prepared..
Monitoring – same as the previous component, this should also be present all throughout to ensure continuous growth.
So, in order for the ERM framework to be successful, both the objectives and the components should be related to each other. The objectives are what the organization wants to achieve while the components are the tools needed to achieve it. Without one, the other is just useless.
Risk assessment process involves most of the parts of the risk management process except the treatment stage. Having this in mind, one should realize that the steps above is more or less the same from that of the management process. This means that communication and consultation is present in all stages as well as monitoring.
Identification of relevant business objectives simply means that everyone in the organization should be on the same page when it comes to the success of the organization as well as the proper ways to determine and eliminate risks found in the organizations. If people are not on the same page, then it will be hard to solve problems found within the organization.
Identifying events that could affect the achievement of objectives is the second step to assessment. It is important for one to remember that events can really affect the objectives of the organization and recognizing these events ahead of time is very vital. If the organization can recognize this events ahead of time, it may be possible for the organization to actually avoid the risk. This will really save the company from any unnecessary expenses.
The third step is determining risk tolerance. The organization, together with the risk management team, should try to analyse the risk and see whether they can stand the risk. There are some risks that are not so gigantic that an organization is willing to stand it rather than spend money to eliminate the risk.
The next step is more or less similar to determining risk tolerance. Assessing the inherent likelihood and impact of risks is analysing the chances of a certain risk to happen as well as determining the effect it will have on the organization. If the impact is great, the organization needs to prioritize this kind of risk before dealing with those having less impact. It is only common sense to fix the biggest problem before fixing the little ones.
Evaluating the portfolio of risks and determining risk responses happens after determining the tolerance and assessing the impact. To be prepared for the worst, an organization needs to plan ahead of time how to eliminate the risk having the biggest impact on the organization. One should come up with a plan or strategy how to solve every risks assessed in steps C and D so that they can maximize time and minimize cost. The less cost they spend and the shortest time they solve the issues will be the ideal way to solve every risk in an organization.
The last step to the assessment process is assessing residual likelihood and impact of risks. There are times when an organization tries to eliminate or solve a risk but can’t do it completely. Sometimes there will be residual risks. These risks should be assessed and not taken too lightly. If the remaining risk is not so big of a problem, they might just ignore it or set it aside for the meantime. However, if the aftermath is just as bad, the organization should start planning a strategy to solve this risk.
In conclusion, risk assessment should be properly done before managing the risk. One needs to scrutinize every detail of the risk before management happens. One needs to know all the details first before solving the problem. If one just dives right in, they might end up in shallow waters and will not be ready for the after effects. Knowing is always half the battle. Know the enemy first before charging in.
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