What is a Enterprise Risk Management Plan?
An Enterprise Risk Management Plan outlines the initiatives and processes used to identify, assess, mitigate, and manage enterprise risks. It is designed to help organizations proactively identify, assess, and manage risks, while also providing a framework for developing and implementing risk management strategies. The Plan should include a clear definition of the organization’s risk appetite and risk management goals, as well as the specific roles and responsibilities of the risk management team.
What's included in this Enterprise Risk Management Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Enterprise Risk Management Plan template for?
The Enterprise Risk Management Plan template is designed for organizations of all sizes and industries to create a plan to manage their enterprise risks. It can be used to develop a comprehensive and effective risk management strategy, which will help organizations identify, assess, and mitigate risks associated with their operations and activities.
1. Define clear examples of your focus areas
Focus areas are the broad categories of risk that an organization is trying to manage. Examples of focus areas could include Risk Management, Business Continuity, and Privacy and Data Security. A risk management plan should identify the key focus areas that the organization wishes to address and provide clear objectives and strategies to manage the risk associated with each area.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals and actions that an organization wishes to accomplish in order to manage a specific type of risk. Objectives should be measurable and have a timeline associated with them.
Examples of some objectives for the focus area of Risk Management could be: Identify and assess risks, and Mitigate risks.
3. Set measurable targets (KPIs) to tackle the objective
KPIs (Key Performance Indicators) are measurable targets that an organization can use to track the progress of their risk management plan. KPIs should be specific and measurable so that the organization can track their progress towards their objectives.
An example of a KPI for the focus area of Risk Management could be: Mitigate Risks By 20%.
4. Implement related projects to achieve the KPIs
Projects (or actions) are the specific steps that an organization can take to achieve their risk management objectives. Projects should be clearly defined and have a timeline associated with them.
An example of a project related to Risk Management could be: Conduct risk assessment and identify potential risks.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
The Cascade Strategy Execution Platform is a powerful tool that can help organizations quickly and easily create, implement, and track their risk management plans. With the platform, organizations can set measurable targets, allocate resources, and track progress so that they can quickly and effectively manage their risks.