Risk Management Framework Worksheet

1. Risk Identification

Objective: Identify potential risks that could impact the organization.

Instructions:

  • List all potential risks.
  • Categorize each risk (e.g., strategic, operational, financial, compliance).
Risk Description Category Potential Impact Likelihood Current Controls
e.g., Data Breach Operational High Medium Firewall, Encryption
e.g., Regulatory Non-Compliance Compliance High Low Compliance Training, Audits

Questions:

  1. What are the most significant risks identified?
  2. How do these risks align with your organization’s strategic objectives?

2. Risk Assessment

Objective: Assess the severity and likelihood of identified risks.

Instructions:

  • Evaluate the potential impact of each risk.
  • Assess the likelihood of occurrence.
  • Assign a risk rating based on impact and likelihood.
Risk Description Impact (1-5) Likelihood (1-5) Risk Rating
e.g., Data Breach 5 3 15
e.g., Regulatory Non-Compliance 4 2 8

Questions:

  1. How does the risk rating help prioritize risk management efforts?
  2. What criteria were used to assess the impact and likelihood?

3. Risk Mitigation Strategies

Objective: Develop strategies to mitigate identified risks.

Instructions:

  • For each risk, define mitigation strategies.
  • Assign responsibilities for implementation.
Risk Description Mitigation Strategy Responsible Party Timeline Status
e.g., Data Breach Enhance Cybersecurity Measures IT Department Q1 2024 In Progress
e.g., Regulatory Non-Compliance Conduct Regular Compliance Audits Compliance Officer Q2 2024 Planned

Questions:

  1. How will the mitigation strategies be implemented and monitored?
  2. What are the resources required for effective risk mitigation?

4. Risk Monitoring and Review

Objective: Establish a process for monitoring and reviewing risks.

Instructions:

  • Define how often risks will be reviewed.
  • Identify indicators for risk status.
Risk Description Monitoring Frequency Indicators of Risk Status Review Date
e.g., Data Breach Quarterly Number of Security Incidents March 2024
e.g., Regulatory Non-Compliance Semi-Annually Audit Results September 2024

Questions:

  1. What methods will be used to monitor and review the effectiveness of risk management strategies?
  2. How will changes in risk status be communicated to stakeholders?

5. Risk Communication

Objective: Ensure effective communication of risk information.

Instructions:

  • Identify stakeholders.
  • Define how and when risk information will be communicated.
Stakeholder Communication Method Frequency Responsible Party
Senior Management Quarterly Reports Quarterly Risk Manager
All Employees Risk Awareness Training Annually HR Department

Questions:

  1. How will communication be tailored to different stakeholder groups?
  2. What feedback mechanisms are in place to improve risk communication?

This worksheet provides a comprehensive approach to managing risks and can be adjusted according to the specific needs of your organization.



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