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Risk Management: Guidelines and Responsibilities

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Dr.S.NAGALINGAM,

M.Com., M.Phil., P.G.D.C.A., Ph.D.,

Assistant Professor,

PG & Research Department of Commerce,

Cardamom Planters’ Association College,

Bodinayakanur.

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RISK MANAGEMENT: GUIDELINES AND RESPONSIBILITIES�

The risk manager should be responsible for the corporate learning that has to take place so that the organization can understand the benefits of risk management.  As the person having responsibility for the risk architecture, strategy and protocols, (RASP), the risk manager will be responsible for developing the strategy, systems and procedures by which the required risk management outcomes for the organization are achieved.

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�Risk Manager Responsibilities include:�

  1. Identifying and analyzing various risks (e.g. business, financial)
  2. Developing risk management controls and contingency plans
  3. Communicating recommendations to management

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�Responsibilities�

1. Conduct assessments to define and analyze possible risks

2. Evaluate the gravity of each risk by considering its consequences

3. Audit processes and procedures

4. Develop risk management controls and systems

5. Design processes to eliminate or mitigate potential risks

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6.Create contingency plans to manage crises

7. Evaluate existing policies and procedures to find weaknesses

8. Prepare reports and present recommendations

9. Help implement solutions and plans

10. Evaluate employees’ risk awareness and train them when necessary

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