Essay about Risk Management Planning

1665 Words Apr 11th, 2015 7 Pages
Risk Management Planning
Carvella Bennett
Everest University

Risk management planning is the process of developing options and actions to enhance opportunities and reduce threats to project objectives. Risk management implementation is the process of executing risk management actions.
Effective crisis response begins with effective decision-making. Good initial decisions can make even a catastrophe manageable; bad decisions can fatally exacerbate an otherwise small problem. In both cases, the window of opportunity for initial decision making is extremely small and closes rapidly. Once the moment for decision making has gone, it does not come back. Proper crisis response is about developing a range of emergency management options
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The essence of benchmarking is measuring, managing and satisfying customer requirements and expectations, assessing your strengths and weaknesses, finding and studying the best practices wherever you find them, and adapting what you learn to your circumstances.
When designing an internal audit function, strategy must drive tactics, not the inverse. Too often, the start-up is in response to an immediate tactical need. In a rush to implement a response, key strategic issues can be overlooked. The result can be a tactical internal audit function in search of a strategy. To help design and implement a strategically focused internal audit function, you can use the following 10-step start-up framework. Define Stakeholder Expectations-To create an effective internal audit function, you must determine how the function will deliver the desired value.
Once specific value drivers are defined, your company’s chief audit executive should work with senior management and the audit committee to articulate the mission for internal audit. A formal mission statement or charter lays out the function’s goals and provides the basis to evaluate internal audit performance. An effective mission statement delineates the function’s authority and responsibilities and reflects the priorities of senior management and the audit committee. Although they vary in length and specificity, mission statements ought to

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