Risk monitoring and communication
Risk monitoring and communication is one of the important elements of the risk management process. Risk monitoring is an ongoing process that helps to ensure continuous control effectiveness. There should be a structured communication channel for employees to report risk to management and at the same time management should provide relevant risk-related information to the concerned employees.
Risk reporting
The results of risk monitoring should be presented to the management at regular intervals. The results should be meaningful to the recipient and should be presented in a simple form without the use of too many technical terms. Red, amber, and green reporting helps management understand the risk posture of the organization.
Risk analysis should also include the potential impact as this will help to determine the extent of risk mitigation measures.
Key risk indicators
A risk indicator is a measure used by an organization to determine...
