The Risk Assessment and Management Policy serves as a fundamental governance document required for organizations operating in India, particularly under the provisions of the Companies Act 2013 and SEBI regulations for listed entities. This policy becomes essential when organizations need to establish systematic approaches to risk identification, assessment, and management, ensuring compliance with regulatory requirements while protecting stakeholder interests. The document typically includes comprehensive guidelines on risk governance structure, assessment methodologies, mitigation strategies, and reporting frameworks, tailored to the organization's size, industry, and risk profile. It should be implemented when establishing new risk management systems or updating existing ones to reflect current regulatory requirements and best practices in the Indian business environment.
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1. Purpose and Scope: Defines the objective of the policy and its applicability across the organization
2. Definitions: Defines key terms used throughout the policy including different types of risks, risk assessment terminology, and relevant stakeholders
3. Risk Management Framework: Outlines the overall structure and approach to risk management including risk governance hierarchy and general principles
4. Roles and Responsibilities: Details the responsibilities of board, management, risk committee, and other stakeholders in risk management
5. Risk Categories: Identifies and describes the main categories of risks relevant to the organization (strategic, operational, financial, compliance, etc.)
6. Risk Assessment Process: Details the methodology for identifying, analyzing, and evaluating risks
7. Risk Treatment and Mitigation: Describes approaches and strategies for handling identified risks
8. Monitoring and Review: Outlines procedures for ongoing monitoring of risks and periodic review of risk management effectiveness
9. Reporting and Communication: Specifies risk reporting structures, frequencies, and communication protocols
10. Policy Review and Updates: States the frequency and process for reviewing and updating the policy
1. Industry-Specific Risk Considerations: Include when organization operates in regulated industries like banking, healthcare, or manufacturing
2. Crisis Management Protocol: Include for organizations requiring detailed emergency response procedures
3. Environmental Risk Management: Include for organizations with significant environmental impact
4. Technology and Cybersecurity Risk Management: Include for organizations heavily dependent on technology or handling sensitive data
5. Project Risk Management: Include for project-based organizations
6. Supply Chain Risk Management: Include for organizations with significant supply chain dependencies
7. International Operations Risk Management: Include for organizations with international operations
8. Insurance and Risk Transfer: Include when organization has significant insurance coverage or risk transfer mechanisms
1. Risk Assessment Matrix: Template for risk impact and likelihood assessment
2. Risk Register Template: Standard format for documenting and tracking risks
3. Risk Appetite Statement: Detailed description of organization's risk tolerance levels by risk category
4. Risk Reporting Templates: Standardized formats for different types of risk reports
5. Escalation Matrix: Detailed hierarchy and procedures for risk escalation
6. Control Assessment Checklist: Template for evaluating effectiveness of risk controls
7. Risk Management Tools and Techniques: Detailed procedures for specific risk assessment methodologies
8. Key Risk Indicators (KRIs): List of key metrics and thresholds for monitoring risks
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