What is a Risk Register?
A Risk Register is a management tool that enables an organisation to understand its comprehensive risk profile. It is simply a repository for all risk information. This repository becomes the hub of the internal control system, given that it should contain the objectives, risks and controls for the whole organisation. It therefore makes sense for the organisations review of internal control to be centred round the risk register.
The risk register, and the treatment plans should be flexible enough to allow the organisation to respond to unforeseen risks serious incidents, and external events. A dynamic, comprehensive and effectively used risk register will not only drive risk management but will also ensure that the organisation can justify the decisions it makes.
Why does my organisation require a risk register?
To be effective, an organization’s risk management plan requires the development and maintenance of an ongoing process that enables the identification, analysis, evaluation, and treatment of risks that may impact the organisation. This knowledge further enables the prioritisation of actions to reduce these risks to an acceptable level.
What results from this risk management process is a substantial amount of risk management information that needs to be managed in such a way that it can be found and applied quickly and efficiently. If it is not managed effectively, critical information will be lost and not included within decision making processes.
One method that organisations can use to manage their risk management information is to make use of a risk register.
Main elements of the one day course:
- Formulating a risk register – using proactive and reactive sources of information to identify risk
- Amalgamating organisational and clinical risk
- Evaluating risk – Separating those which are tolerable and those which are unacceptable, and the use of a risk matrix.
- Integrating the risk register into management processes
- How risk management can be devolved to different levels within the organisation.
The course will use case studies, interactive exercises and real examples to illustrate learning points.