Mastering Risk Management

MAINTENANCE AND CONTINUOUS IMPROVEMENT

Testing is a practical way to review the plan and the assumptions on which it is based. But all risks, assumptions and critical recovery requirements should be regularly reviewed to ensure that they are up to date and appropriate for changing business circumstances: market conditions; an acquisition, merger or disposal; changes of products and services; approach to risk. Such reviews are key components of the planning timetable. Maintenance of the plan is probably more important than the initial development. Outdated strategies, documentation or lack of capacity are, frankly, not much better than nothing. Probably worse is making decisions on incorrect information.

Another element which ensures the firm ...