When did you last review your Risk Map?
In order to effectively manage the risks that face your organisation, it is essential to develop a risk map of your activities and the associated risks particular to your business. This document encompasses a review of every aspect of your business, considering the following high-level risks:
- Operational including cyber, conduct, regulatory and legal
The map identifies the probability and impact of the risk crystallising. This helps to determine the relevance of the risks to your Firm and can help you proceed or cease with a particular activity or venture. The risk map should also inform the systems and controls in place within your organisation and proportionate deployment of resources to manage the identified risks.
CCL can work with you in identifying the risks that your Firm faces
Your risk map is a dynamic document requiring regular review and should be updated periodically, particularly when new business or systems are introduced. CCL can assist you with this burden by:
- help you to codify the risk and the damage that failure might cause
- advise on steps that might be taken to mitigate the risk where possible
Taking additional steps to protect your Firm
Having helped draft your risk map, we can provide your Firm with the regular independent reviews that senior management require as part of their regulatory responsibilities. Clients using the CCL C.O.R.E platform can keep their risk map centrally located with complete version control on its updates and evolution.
What should you do now?
For guidance and support with the process of creating your Risk Map and supporting documentation, contact our London based consultancy team.