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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.

Risk management is a management discipline with its own tech-niques and principles. It is a recognised management science and has been formalised by international and national codes of practice, standards, regulations and legislation. Risk management forms part of management’s core responsibili-

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