The Risk Assessment and Management Policy serves as a foundational document for organizations operating in Canada, establishing systematic approaches to risk identification, evaluation, and management. This policy is essential for ensuring compliance with Canadian regulatory requirements, including the CAN/CSA-ISO 31000-10 guidelines, provincial occupational health and safety regulations, and industry-specific standards. Organizations should implement this policy to establish clear governance structures, define risk assessment methodologies, and create consistent risk management practices across all operations. The policy is particularly crucial in the current business environment where organizations face increasingly complex risks ranging from operational and financial to technological and environmental challenges.
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1. Purpose and Scope: Defines the objectives of the policy and its application scope within the organization
2. Definitions: Key terms and concepts used throughout the policy
3. Risk Management Framework: Overview of the organization's approach to risk management, including principles and methodology
4. Roles and Responsibilities: Detailed breakdown of responsibilities for board, management, risk committee, and employees
5. Risk Assessment Process: Step-by-step process for identifying, analyzing, and evaluating risks
6. Risk Treatment and Control: Methods and procedures for addressing and mitigating identified risks
7. Monitoring and Review: Procedures for ongoing monitoring of risks and review of control effectiveness
8. Reporting Requirements: Details of required risk reporting, including frequency, format, and recipients
9. Policy Review and Updates: Process for regular review and updating of the policy
1. Industry-Specific Risk Considerations: Section addressing risks unique to the organization's industry sector
2. Crisis Management Protocol: Specific procedures for managing crisis situations and extreme risk events
3. Environmental Risk Management: Detailed section for organizations with significant environmental impact considerations
4. Technology Risk Management: Specific section for organizations heavily dependent on technology systems
5. Third-Party Risk Management: Section for organizations with significant reliance on external vendors or partners
6. Project Risk Management: For organizations regularly engaging in project-based work
7. International Operations Risk: For organizations operating across multiple jurisdictions
1. Risk Assessment Matrix: Template for risk evaluation including likelihood and impact scales
2. Risk Register Template: Standard format for documenting and tracking risks
3. Risk Response Procedures: Detailed procedures for different types of risk responses
4. Reporting Templates: Standard formats for various risk reports
5. Risk Categories and Examples: Comprehensive list of risk categories with examples
6. Control Assessment Checklist: Template for evaluating control effectiveness
7. Key Risk Indicators: List of KRIs and their thresholds
8. Incident Report Template: Standard format for reporting risk incidents and near-misses
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