It is evident that a range of different risk management functions exist and that the risk framework has a broad application. For example, covering business risks, business continuity, IT security, regulatory risks, fraud risk management, etc.
The key to a successful implementation of a risk framework is inherent in its design, which CorProfit terms a “roadmap”. The role of the roadmap is to define the implementation from inception through to the time that risk management is a mature, self-sustaining function in the company. The roadmap sets out the means by which your company’s risk policy will be implemented, having regards to the needs of staff that may require a simpler approach to start with. Over time, the approach will change and the roadmap will provide the guidance necessary for this. A well-designed roadmap ensures that the company understands the options that it faces at the time of incorporating more aspects into the framework, in particular to avoid rework that might otherwise occur.