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Risk appetite / Risk team structure [67]

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Bullet points include: EXAMPLE: “ANYTHING TO REPORT?” Many stakeholders rely on quality risk information: Audit Committees – Monitoring material financial risks and mitigation of those Executives – Reviewing risk information for completeness Managers – Reviewing risk information for completeness and changes in risk profile or control effectiveness Risk Owners – Updating risk information and escalating changes in likelihood, impact or control effectiveness as required Control Owners – Updating status of treatments for controls that they are responsible for Internal Audit – Reviewing the effectiveness of internal control measures External Stakeholders – Reviews by supervisory bodies. A succinct dashboard is the most effective way to report so the information can be assessed at a glance. Supporting information can be attached for those who require more detail. Some of the key categories of a dashboard may include: Top 10 residual risks Key risk indicators Scoring chart for risk severity and control effectiveness Heatmap of all substantial inherent and residual risks An additional commentary section Significant project progress.

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