The criteria for Key Business Risks is that Residual Likelihood is equal or greater than Possible and Residual Consequence is equal or greater than Major.
When both these criteria are met, it sets the Risk Rating in the above tolerance zone of the Risk Matrix.
Each Department Manager is informed which Key Business Risks are managed from those that require additional Controls. Top Management is provided a Chart shown the results of assessing the Key Business Risks.
There will also be other, smaller Risks that need to be managed and some of these may also need additional Controls.
A Schedule of Key Business Risks for a Typical Department is shown as Appendix 1.
Risk Register Report
The standard Risk Register Reports are built from the range of Risk Register data that you decide is relevant to your Company.
The presentation of the Reports is entirely up to you as there are many possible variations. This is an example:
