Level of available staff with the required competencies to manage the risks.Compliance with applicable laws and regulations.Alignment with strategy, purpose, values and customer needs.Risk Appetite is set to ensure that risks can be properly managed, for example, through: Risk appetite supports senior management to make informed decisions on how to optimally allocate capital, funding and liquidity to finance strategic growth within acceptable risk levels, as well as supporting the monitoring of risk exposure. Risk appetite is the level and types of risks that the company is willing to take in order to achieve its strategic objectives. Where necessary, these risks are escalated to PROVEN – Risk Assessment PolicyPUBLICChief Technology Officer (CTO) to facilitate management decisions, challenge and remediation. The company aggregates and reports risk data to highlight material risks and support good decision making. The company manages these risks through a combination of limits and controls to ensure risks are within appetite. Risks to business are identified and their materiality assessed by considering their likelihood and potential customer, financial, reputational and regulatory impacts. The Risk Appetite shapes requisite controls and dictates risk behaviors. Risk management starts with a strong risk culture, clear accountability, and a formally defined risk appetite that articulates the level and types of risks the company accepts to achieve its strategic objectives.
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