RISK MGMT Flashcards
Why do we have Risk Mgmt?
Risk is inherent in Police and everyone at Police has a role to play in managing risks.
Define Risk
Risk is defined in the effect of uncertainty on objectives
To u/stand risk we need to u/stand the objectives are - There will always be uncertainty whether we will achieve our objectives.
What happens when we understand when we need to escalate risks that are outside our control?
> SUPPORTED to do our roles
have CONFIDENCE in our BAU
REASSURE the executive
Outline the types of risks and how we mange them - COPS
> CORPORATE RISKS - may affect the achievement of cross-organisational objectives
OPERATIONAL RISKS - may affect the day to day ops. TENR
PORTFOLIO RISKS - investments portfolios oversee risks related to delivery of portfolios and projects
STRATEGIC RISKS - Our Business delivery ELT oversees these
Step 1 Establish Context
See the wider picture -
>internal context - within Police that influence how we manage risk such as - obj, policies, procedures, resources, knowledge
>external context - outside Police affect ability to manage risk - social, cultural, political, legal - partners
Risk Analysis - outline
The level of risk involves seeking further info to develop an u/standing of 2 KEY things -
1 ) LEVEL OR RISK - use the risk matrix - by determining the likelihood and consequences of the risk you are able to cat and comm its significance
2) CONTROLS - Need to ID existing controls in place and determine how good they are, what is in place and how good is it? how effective ? do we need to change ? Controls inc - SOPS, policies, training, supervision IT systems etc…
What are the 3 lines of defence?
1) All Police personnel
2) Mgmt processes and Control
3) Internal Audit and Assurance
