Much of our time is spent supporting companies develop and implement effective Risk Management Frameworks. We find all too frequently that if an organisation has an existing framework, it can be a cumbersome pdf document that does not get much attention.
So, ABM Risk has developed ABMDigiRisk, the online, easy to access, single source of risk management framework truth. Making it accessible makes it effective.
The concept is not new, a single source, online document with flexible digital outputs allowing organisations to provide access to the relevant parts to the right people with ease. By serving it up in an easy to navigate and control format, organisations can provide the most appropriate, up-to-date information to each person based on their role and location.
A Risk Management Framework contains Policies, Appetite statements, Principles and Standards. Policies and Standards should be owned by the Board, Principles by management and Standards by everyone.
The classic ‘166 page’ pdf Risk Management Framework makes it hard to manage access for people with different roles and is often printed, meaning updates go unseen.
Some organisations use ‘Wiki’ type programs to organise their data which is great at serving up related information but not always as good at highlighting the information that is specifically relevant to an individual.
ABMDigiRisk takes this a step further and enables international organisations to view country specific material such as local currency values.
So, if your Risk Management Framework is collecting digital dust in a server somewhere, it is time to make it easily accessible across the business and improve your risk effectiveness and culture on the way.