Risk Maturity Assessment Template for England and Wales

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Key Requirements PROMPT example:

Risk Maturity Assessment Template

I need a Risk Maturity Assessment Template for a mid-sized fintech company that specifically focuses on cybersecurity risks and regulatory compliance with FCA requirements, to be implemented by March 2025.

Document background
The Risk Maturity Assessment Template is designed to help organizations operating under English and Welsh jurisdiction evaluate their risk management capabilities systematically. This document is particularly valuable when organizations need to assess their current risk management practices, demonstrate regulatory compliance, or develop improvement plans. The template includes comprehensive evaluation criteria aligned with UK regulatory requirements and international risk management standards, providing a structured approach to measuring and enhancing risk management maturity.
Suggested Sections

1. Assessment Overview: Purpose, scope, and methodology of the risk maturity assessment

2. Risk Governance Framework: Evaluation of organizational risk management structure and policies

3. Risk Identification Process: Assessment of how risks are identified and categorized

4. Risk Assessment Methodology: Evaluation of risk assessment procedures and tools

5. Control Environment: Assessment of internal controls and their effectiveness

Optional Sections

1. Industry-Specific Risk Factors: Detailed analysis of sector-specific risks - include when assessment is for a regulated industry

2. Technology Risk Management: Assessment of IT and cyber risk management - include for organizations with significant digital operations

3. Third-Party Risk Management: Evaluation of supplier and partner risk management - include when organization has significant third-party dependencies

Suggested Schedules

1. Risk Assessment Scoring Matrix: Detailed scoring criteria and methodology

2. Risk Register Template: Standard format for recording and tracking risks

3. Maturity Level Definitions: Detailed descriptions of each maturity level

4. Implementation Roadmap: Recommended actions for improving maturity levels

5. Assessment Interview Guide: Standard questions and evaluation criteria

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Industries

Companies Act 2006: Primary UK legislation governing company operations, particularly focusing on directors' duties and risk management obligations

Financial Services and Markets Act 2000: Key legislation for financial services regulation in the UK, establishing regulatory framework for risk management in financial institutions

Corporate Governance Code 2018: Sets out standards of good practice for listed companies on board composition, remuneration, shareholder engagement, and risk management

Health and Safety at Work Act 1974: Fundamental piece of legislation for workplace safety and risk management in the UK

ISO 31000:2018: International standard providing guidelines and principles for enterprise risk management

BS 65000:2014: British Standard for Organizational Resilience, providing framework for enhancing organizational resilience and risk management

COSO Enterprise Risk Management Framework: Internationally recognized framework for enterprise risk management implementation and assessment

UK GDPR: Post-Brexit data protection regulation implementing GDPR principles in UK law

Data Protection Act 2018: UK's implementation of data protection standards, working alongside UK GDPR

Privacy and Electronic Communications Regulations: Specific regulations governing electronic communications and associated risks

FCA/PRA Regulations: Financial Conduct Authority and Prudential Regulation Authority regulations for financial services risk management

Strategic Report Requirements: Mandatory reporting requirements under Companies Act for risk disclosure and management

Basel Framework: International banking regulations framework affecting risk management in financial institutions

Sarbanes-Oxley Act: US legislation with extraterritorial effect, relevant for UK companies with US listings or operations

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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