MORF Management of Risk Foundation Questions and Answers

Ensure adequate resources are available to implement the risk management strategy

Run risk management workshops

Develop the risk improvement plan

Identify and escalate risks

Lack of a high-risk appetite at senior management level

Lack of an appropriate response to a risk in an activity's risk register

Lack of an assigned risk owner

Lack of policies, processes, strategies and plans

Strategic

Programme

Operational

Project

Delivering a defined business change product within budget

Maintaining the appropriate level of business services to customers

Enhancing an existing capability to improve organizational performance

Ensuring the on-going viability of the organization

Achieves measurable value

Aligns with objectives

Engages stakeholders

Fits the context

a high-risk appetite

appropriate responses to risks

clear guidance for managers and staff

an assigned risk owner

Identify risks that might occur to activities in their department

Develop strategies to improve the management of risk

Manage all aspects of an assigned risk

Perform a risk response action to respond to a particular risk

Which templates are to be used on a project

Why standard forms should be used

Where to find a blank risk register

How to use an issue register

Incident and crisis management

Business continuity management

Health and safety management

Reputational risk management

perform

record

plan

manage

Ensure adequate resources are available to implement the risk management strategy

Ensure an escalation process is in place

Maintain ownership of the risk management policy

Develop plans to improve risk management

A sound system of internal control to ensure that effective management systems have been established to protect the organization

The systematic application of principles, an approach and a process to the tasks of managing risk

A plan for the fast and efficient resumption of essential business services

A standard set of high-level criteria against which the degree of difficulty of a proposed project is assessed

Strategic

Programme

Project

Operational

Risk progress report

Risk management process guide

Risk management policy

Risk register

engages stakeholders

provides clear guidance

creates a supportive culture

facilitates continual improvement

Developing management of risk guidance handbooks and training materials

Ensuring the risk management function has a direct reporting line to a senior executive

Escalating risks from the programme, project or operational perspectives to higher levels as required

Making formal assessments of management of risk implementation in areas of concern

A framework of mature practices for appraising an organization's risk management competency

A tool for checking the health of current risk management

An assessment of an organization's risk management practice

A self-assessment check that the principles have been applied well

Explain how the risk management steps will be carried out across the organization

Describe the specific risk management activities that will be performed on a particular organizational activity

Explain how risk management practices will be implemented throughout an organization

Describe the steps required to improve the level of risk management within an organization