Risk Management
Identify, evaluate and manage risks by developing and implementing risk management strategies, frameworks, policies, procedures and practices
Type
Functional
Competency Area
Risk Management, Governance and Regulatory Compliance
Levels
Analyse and implement risk management procedures
Assist with risk planning in consultation with relevant stakeholders
Support risk assessment at the operational level
Implement risk controls according to defined risk management policies and plans
Identify and assess possible risk response activities for consideration in the risk management process
Conduct risk response activities in accordance with risk management plans
Apply change management techniques to facilitate implementation of risk controls, risk management and risk response activities
Document and track risk management outcomes according to information format requirements and present documentation to relevant stakeholders for review
Review scope of the risk management process
Establish risk context to define the scope of risk management process in the business unit
Identify and analyse risk events and threats in the business unit through risk assessments
Identify necessary risk controls and risk response activities to support risk management strategies
Implement risk control strategies
Monitor risk control indicators and conduct periodic testing for quality assurance
Implement procedures to inform employees of risk management process and activities
Distinguish roles and responsibilities for risk management among legal, compliance, risk management units and those expected of front office units
Drive organisation’s risk management framework, policy and process
Review risk points and set target risk for the organisation in consultation with relevant stakeholders
Drive risk assessment activities to identify risk events and analyse risks in the organisation as part of the risk management process
Design risk management strategies, framework and key risk management processes in consultation with relevant stakeholders
Direct development of risk control and risk response activities aligned to overall risk management strategies
Evaluate appropriateness of various risk controls and risk response activities from enterprise perspectives
Communicate risk management framework/s, best practices and processes to employees
Communicate impact of enterprise risk management practices on the organisation