When community organisations invest in the development of risk management programs plans they build a framework and a culture within which they can identify and develop workable strategies to mitigate against unacceptable risks. In doing so, they build strategies that will enable them to;
Reduce Board and organisational liability.
Develop a workplace risk management culture.
Systematically identify and categorise risks.
Analyse and prioritise risks according to their likelihood and impact.
Allocate and integrate resources efficiently and effectively.
Assess and plan for emerging risks as well as exiting risks.
Assess and plan for internal and external environmental risks.
Develop, implement and evaluate risk mitigation strategies, including contingency plans.
Build organisational and individual capacity and capability.
Improve Board (governance) and organisational performance.
Encourage ownership and stakeholder involvement in risk management.
Monitor organisational treatments of risk through the provision of a relevant reference point for accountability, priority setting and performance management (eg through a risk register).
