Maximising the benefits of risk management across the business

GRMP is WCI's approach to maximising the benefits of risk management across the business and ensuring satisfaction of the emergent requirements of regulators.  This is achieved through the application of a closed loop framework; ensuring the full cycle of risk is managed through to completion of actions and monitoring of effectiveness.  The need to consider risks across a range of business activities is addressed by taking a holistic view of risk management throughout the product lifecycle, and applying this consistent best practice approach and methodology wherever risk management activities are being performed.  The approach is based on the following key principles:

• For risk management to deliver business value, there must be a focus on root causes and monitoring the effectiveness of actions to address risk
• Risk Management processes across the business should be consistent and supported by a single governance structure
• Risk Management is of value throughout the product lifecycle, with a need to shift focus on categories of risk over time.

To read the article in full, please click on the pdf link below:

Good Risk Management Practice.pdf