Enterprise Risk Management Framework Checklist

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1. Download the Checklist as PDF for Free and share it with your team for completion.
2. Use the Checklist directly within the Mobile2b Platform to optimize your business processes.

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An ERM Framework checklist typically includes the following elements:

1. Risk Assessment:
   • Define risk tolerance and appetite
   • Identify potential risks
   • Assess risk likelihood and impact
2. Risk Prioritization:
   • Rank risks based on priority (high, medium, low)
   • Focus on high-impact or high-probability risks
3. Control Environment:
   • Establish a robust internal control system
   • Ensure segregation of duties
   • Implement policies and procedures
4. Risk Identification and Assessment:
   • Identify potential risks (strategic, operational, financial)
   • Assess risk likelihood and impact
5. Risk Mitigation Strategies:
   • Develop mitigation plans for high-priority risks
   • Allocate resources to implement control measures
6. Monitoring and Review:
   • Regularly review and update the ERM Framework
   • Monitor and report on risk exposures
7. Governance and Oversight:
   • Establish a risk management governance structure
   • Ensure senior leadership involvement and oversight
8. Continuous Improvement:
   • Encourage an open-risk reporting culture
   • Foster a learning organization that adapts to changing risks

Implementing an Enterprise Risk Management (ERM) Framework Checklist benefits your organization in several ways:

1. Identifies and Prioritizes Risks: The ERM checklist helps identify potential risks across various departments and functions, ensuring that all areas of the organization are considered.
2. Enhances Risk Visibility: By implementing a structured risk assessment process, you gain a clear understanding of your organization's risk landscape, allowing for informed decision-making.
3. Improves Risk Management Processes: The ERM framework checklist ensures that risk management processes are established and followed consistently across departments and business units.
4. Supports Compliance with Regulations: Implementing an ERM framework helps ensure compliance with relevant regulations and standards, reducing the risk of non-compliance penalties.
5. Reduces Uncertainty and Increases Confidence: With a well-established ERM process, stakeholders have increased confidence in your organization's ability to manage risks effectively, leading to improved stakeholder relationships.
6. Streamlines Decision-Making: By providing a comprehensive view of potential risks, the ERM framework checklist enables more informed decision-making across various business levels.
7. Enhances Reputation and Credibility: Demonstrating a proactive approach to risk management through an ERM framework can enhance your organization's reputation and credibility among stakeholders.

By implementing an ERM Framework Checklist, your organization will be better equipped to:

• Identify potential risks before they materialize
• Prioritize risk mitigation strategies effectively
• Enhance decision-making processes across various business levels
• Improve compliance with regulatory requirements
• Increase stakeholder confidence in the organization's ability to manage risks effectively

Ultimately, an ERM Framework Checklist is a valuable tool for any organization seeking to strengthen its overall resilience and improve long-term performance.

Risk Identification and Assessment Governance and Oversight Risk Appetite Statement Risk Assessment Methodology Risk Prioritization Criteria Risk Register or Log Key Risk Indicators (KRIs) Risk Mitigation Strategies Action Plans Monitoring and Review Process Continuous Improvement Plan