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“ A bad beginning makes a bad ending”
- Euripides (480 – 406BC)
Risk management can contribute to an organisation’s general goals in many ways. However, the first and foremost way is guaranteeing that the organisation will not be prevented from pursuing its other goals as a result of losses associated with risk . Considering the development, expansion and recognition of risk management in corporate governance recently, risk management can appear to be an entangling web of threats, opportunities, responsibilities and continuous review. A good risk management policy statement provides the risk manager of an organisation a good beginning, and in doing so, raises the chances of good ending. A policy statement does not tell a person exactly what to do, it points out the direction the risk management plan is to go . The elements of a good risk management policy statement that combine to give the risk management plan this direction are:
1. Purpose of the risk management plan and its importance to the organisation? ... Objectives of the risk management plan. ... Staff responsibilities concerning the implementation and continued development of the risk management plan. ...
It is through the development of these essential elements that an organisation can ensure “ the Risk Management policy shall be relevant to the organisations strategic context and it’s goals, objectives and the nature of the business. Management will ensure that this policy is understood, implemented and maintained at all levels of the organisation”
In the search for future direction, it is the purpose that initiates the risk management policy statement. The purpose explains why an organisation is embarking on the creation or further development of a risk management plan and what this risk management plan will achieve for the organisation.
Approximate Word count = 1411
Approximate Pages = 5.6
(250 words per page double spaced)
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