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Activities and Responsibilities for SayProRoyal-11 SayPro Royal Board Risk Management Committee
| Risk Management Framework |
| Framework Development: Develop and maintain the organization’s risk management framework, including policies and procedures |
| Risk Management Strategy: Formulate a risk management strategy aligned with organizational objectives and risk appetite |
| Framework Review: Regularly review and update the risk management framework to reflect changes in the organizational environment and emerging risks |
| Risk Identification |
| Risk Assessment: Identify and assess potential risks across various areas of the organization, including strategic, operational, financial, and compliance risks |
| Risk Register: Maintain a risk register to document identified risks, their potential impact, and mitigation strategies |
| Risk Mapping: Create risk maps to visualize and prioritize risks based on their likelihood and impact |
| Risk Assessment and Analysis |
| Risk Evaluation: Evaluate the severity and likelihood of identified risks using qualitative and quantitative methods |
| Impact Analysis: Analyse the potential impact of risks on organizational objectives and operations |
| Risk Scenarios: Develop and assess risk scenarios and their potential outcomes |
| Risk Mitigation and Control |
| Mitigation Strategies: Develop and implement risk mitigation strategies and controls to manage identified risks |
| Control Measures: Establish and monitor control measures to prevent or reduce the impact of risks |
| Action Plans: Create and oversee action plans for addressing high priority risks |
| Risk Monitoring and Reporting |
| Risk Monitoring: Continuously monitor and track risks and the effectiveness of mitigation strategies |
| Performance Metrics: Develop and track key risk indicators (KRIs) to assess risk management performance |
| Reporting: Prepare and present risk management reports to the board and senior management, including updates on risk status and mitigation efforts |
| Compliance and Regulatory Oversight |
| Regulatory Requirements: Ensure compliance with relevant regulations and standards related to risk management |
| Compliance Monitoring: Monitor adherence to risk management policies and procedures |
| Regulatory Updates: Stay informed about changes in regulatory requirements and adjust risk management practices accordingly |
| Internal Controls and Audits |
| Control Evaluation: Evaluate the effectiveness of internal controls in managing risks |
| Internal Audits: Oversee internal audits to assess risk management practices and control effectiveness |
| Audit Findings: Review and address findings from internal and external audits related to risk management |
| Crisis Management and Response |
| Crisis Planning: Develop and implement crisis management and response plans to address potential emergencies and disruptions |
| Crisis Simulation: Conduct crisis simulations and drills to test the effectiveness of response plans |
| Post Crisis Review: Evaluate the response to crises and make improvements to crisis management strategies |
| Risk Culture and Awareness |
| Risk Culture Development: Foster a risk aware culture within the organization by promoting risk management practices and values |
| Training Programs: Provide training and awareness programs on risk management for employees at all levels |
| Communication: Communicate risk management policies and procedures throughout the organization |
| Strategic Risk Management |
| Strategic Risks: Identify and manage risks related to the organization’s strategic objectives and initiatives |
| Strategic Alignment: Ensure that risk management practices align with strategic goals and priorities |
| Strategic Planning: Incorporate risk considerations into strategic planning and decision making processes |
| Financial Risk Management |
| Financial Risks: Identify and manage financial risks, including market, credit, liquidity, and operational risks |
| Risk Controls: Implement controls to mitigate financial risks and protect financial assets |
| Financial Reporting: Review and monitor financial risk reports and ensure accuracy and transparency |
| Operational Risk Management |
| Operational Risks: Identify and manage risks related to day-to-day operations, including process failures and supply chain disruptions |
| Process Improvements: Implement process improvements and controls to reduce operational risks |
| Operational Monitoring: Monitor operational performance and risk factors |
| Reputational Risk Management |
| Reputational Risks: Identify and manage risks that could impact the organization’s reputation |
| Reputation Monitoring: Monitor public perception and media coverage to identify potential reputational risks |
| Mitigation Strategies: Develop and implement strategies to protect and enhance the organization’s reputation |
| Technology and Cyber Risk Management |
| Cybersecurity Risks: Identify and manage risks related to cybersecurity and technology infrastructure |
| Technology Controls: Implement controls to protect against cyber threats and technology related risks |
| Technology Monitoring: Monitor technology systems and vulnerabilities |
| Legal and Compliance Risk Management |
| Legal Risks: Identify and manage legal risks, including litigation and regulatory compliance |
| Compliance Programs: Develop and oversee compliance programs to address legal and regulatory requirements |
| Legal Advising: Consult with legal advisors on risk management issues |
| Insurance and Risk Transfer |
| Insurance Programs: Develop and manage insurance programs to transfer risk and protect organizational assets |
| Coverage Assessment: Assess insurance coverage needs and ensure adequate protection |
| Claims Management: Oversee the management of insurance claims and recovery processes |
| Risk Integration |
| Risk Integration: Integrate risk management practices into business processes and decision making |
| Cross Functional Collaboration: Collaborate with other departments to ensure a comprehensive approach to risk management |
| Risk Integration Tools: Utilize tools and systems to support integrated risk management |
| Stakeholder Engagement |
| Stakeholder Communication: Engage with stakeholders on risk management issues and practices |
| Feedback Management: Manage and address stakeholder feedback related to risk management |
| Transparency: Ensure transparency in communicating risk management practices and outcomes |
| Risk Management Policy Development |
| Policy Creation: Develop and maintain risk management policies and procedures |
| Policy Review: Regularly review and update policies to reflect changes in the risk environment and organizational needs |
| Policy Enforcement: Ensure adherence to risk management policies across the organization |
| Committee Governance |
| Charter Development: Develop and maintain the Risk Management Committee’s charter, defining its roles and responsibilities |
| Committee Evaluation: Regularly assess the performance and effectiveness of the Risk Management Committee |
| Meeting Management: Schedule and manage committee meetings, ensuring effective discussion and decision making |