We are discussing High Quality Risk Assessment. We can best prepare by accomplishing that classic step called “Establish the Context”. But how does this apply to my business? Context for risk assessment means projects, contracts, administrative workflows, technical processes, etc.
Summary of the series to date. At this point in our podcast series we established the rationale and practical working definitions for Enterprise Risk Management. Now we are discussing methods, in particular the all-important core practice in Enterprise Risk Management, which I call High Quality Risk Assessment.
Context Paper. To that end, in the last episode we explained in detail the best possible preparation for risk assessment is: it is to write what I call a Context Paper. The Context Paper sets out important headings. The purpose is twofold: to create a highly useful aid to facilitation; and to create a testament to due diligence.
Special examples of Context
b. formal projects (project management)
d. workflows: administrative procedures or technical processes
f. specialized disciplines
1. A review of the true utility and rationale for “Establish the Context”.
2. The primary way to prepare for a risk ID session: write what I call the Context Paper.
3. Various types of context alternatives that can be encountered.
4. We reiterate necessity for the risk manager to scrutinize the planning prior to conducting risk ID.
What is Risk Commentary?
We see a striking contradiction in all businesses: the sharply increasing need for Enterprise Risk Management, as opposed to risk managers' persistent reports of low perceived value of their own processes. Correctly implemented, High Quality Risk Assessment will not only address uncertainty, but even solve chronic business problems. Join Edward Robertson, successful ERM practitioner and thought leader, to discover a simple process that delivers clear value.