Information risk management and compliance — expect the unexpected
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This paper sets out to demonstrate how establishing an effective information risk management programme is a key element in an enterprise’s overall operational risk and governance programme. Establishing such a programme provides a golden opportunity to rationalise and align a number of processes and disciplines into an overall effective risk and compliance programme. This paper provides the opening steps for establishing such a programme to open up the possibility of such an opportunity. The business need has been created through legislation and regulation, accounting standards, best practice or contractual commitments for effective governance and appropriate risk management while meeting the need to generate profit and be cost effective. Aspects of financial risk, e.g. credit risk, are supported through mature processes and there is wide commercial experience in many of these finance related areas; however, other aspects of risk may be of such low frequency that little or no experience has been accumulated. For some risks the processes have not been developed to manage the risk — or where a risk management process is present, they are either immature or ineffective.
KeywordsRisk Management Business Process Executive Management Risk Management Process Internal Audit Function
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