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The tools below are used to identify and evaluate risks to any ‘subject’ within a business. These are called risk subjects and typical examples are:
  • Business entities (like a company, a division or a department)
  • Business projects (like a building, engineering or transformation project)
  • Business processes (like a manufacturing, sales, or administration process)
  • Any job (from an executive director to the most junior employee)
The table below summarises the tools used for evaluating risk subjects. Click on each tool for a more detailed explanation.
 
Tool
Purpose
 
 
 
Used to divide the risk subject into its key value elements
Scope
 
 
Used to identify all the risks relevant to business value (threats & opportunities)
Identify
 
 
Part 1 (V&LI)
Used to prioritise risks based on their potential to influence value
Prioritise
 
 
Part 2 (UMM)
Used to design risk management actions to minimise loss and maximise value
Act
 
 
Used to document and track risk management actions and intervene where necessary
Monitor/Adapt
 
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