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Initial Actions toward ISO 31000 success

Building off the theme of “Keys to Success,” above, we need to plan the initial actions, and steps to support the development of a tailored ERM initiative. The plan reflects some simple, basic steps for implementing ERM, including the key step of performing an initial risk assessment.

  • Step 1: Seek Board of Directors (BOD) and Senior Management leadership, Involvement and Oversight
  • Step 2: Select a Strong Leader to Drive the ERM Initiative
  • Step 3: Establish a Management Risk Committee or Working Group
  • Step 4: Conduct the Initial Enterprise-wide Risk Assessment & Develop an Action Plan
  • Step 5: Inventory the Existing Risk Management Practices
  • Step 6: Develop Your Initial Risk Reporting
  • Step 7: Develop the Next Phase of Action Plans & Ongoing Communications