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Risk Management – Guide

Environmental AffairsDepartment:REPUBLIC OF SOUTH AFRICA environmental affairsRisk Management Guide 2 CONTENTSFOREWORD ..4 INTRODUCTION ..5 Purpose ..5 Structure ..6 GUIDEBOOK: WHAT IS RISK Management ?INTRODUCTION ..8 DEFINITION ..8 OVERVIEW ..9 Why do we need risk Management ? ..10 Corporate governance ..10 Planning and organisation ..11 Continuous risk assessment ..11 Evolution of risk Management ..12 Internal audit plans ..12 Cultural adjustment ..13 CONCLUSION ..13 GUIDEBOOK: RISK IDENTIFICATIONINTRODUCTION ..14 THE RISK IDENTIFICATION PROCESS ..14 Understand what to consider ..15 Gather information to identify risks ..16 Apply risk identification tools ..17 Document/ record risks identified ..18 Risk identification examples ..20 Document the risk identification process ..22 The outputs of risk identification ..22 GUIDEBOOK: CONTROL ACTIVITIESINTRODUCTION ..23 OUPUTS ..23 CONTROL TYPES AND CONTROL TIMING ..23 Management controls.

The term ‘enterprise risk management’ (ERM) has become a pop-ular way of describing application of risk management through-out the institution rather than only in selected business areas or disciplines. Risk management is a management discipline with its own tech-niques and principles. It is a recognised management science

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