Six ways a sophisticated risk management methodology can help you:
1. Identifying key risks so you can focus your limited resources on the risks that matter most.
2. Comparing and differentiating risks, explaining how situations that look similar can be very different.
3. Providing transparent logic to support your decisions and encourage others to support them as well.
4. Adding a sharp focus to what you are doing, supporting effective strategies for dealing with challenging situations.
5. Supporting strategies for responding to the most difficult and complex threats.
6. Helping you make faster and better decisions.
Risk framework development
A rigorous risk-based approach to regulation needs a good framework. Here are some of the elements:
- methods for risk identification
- clearly defined issues
- applicable standards, regulations, legislation, policies, and even stakeholder expectations
- scope of consequences relating to situations and also the likelihood of occurrences
- aggravating and mitigating factors
RSG helps regulators apply systematic thinking to the above elements and their relationships.
We assist regulators in developing effective ways for embedding risk management into their strategies and operations.
We use a variety of formats to work with our clients, including meetings (face-to-face, teleforums, web meetings) and workshops.
We embed the risk framework elements into RSG's RM Tool Set, providing these functions:
Relating to threats and opportunities
These tools support decision making that is more objective and consistent. They also support pubic-sector standards of accountability and transparency, and help organizations focus limited resources on the threats that really matter.
Risk advisory services
These services are designed to support the improvement of existing practices.
Analysis of risk management effectiveness
Development of environmental scanning programs
Performing risk assessments for proposed regulations and/or policy development
Communications strategies to improve stakeholder relations and positive regulatory outcomes
Information management services
Regulators manage risk by using information. RSG's RM/IM Service ensures that the information management strategy supports a risk-based approach to regulation.
We use a model that categorizes and standardizes the way the whole organization captures and uses information. It's the structure for the data and document repository that allows an organization to report timely and accurate information for better risk management.