Risk Management is the process that aims to help organisations identify, understand, evaluate, prioritise, and take appropriate action with respect to identified organisational risks.
It is relevant to all organisations. It is an important skill and should occupy a defined place in the culture of every organisation. Risk management functions may be carried out by a dedicated risk manager, or alternatively may be spread across a number of roles within an organisation.
These roles are likely to include setting policy and strategy for risk management, championing risk management at strategic and operational levels, building a risk-aware culture within the organisation, establishing internal risk policy and structures, and developing risk response processes.
Skills & Competencies for Risk Management
The Risk Management NOS are designed to be used in all sectors and cover a range of key risk management functions. The comprehensive suite includes the following standards:
- CFARMA001 Develop a risk management strategy
- CFARMA002 Develop risk management policies and procedures
- CFARMA003 Raise awareness of risk management within an organisation
- CFARMA004 Identify, analyse, and assess risk
- CFARMA005 Manage, monitor, and report risk
- CFARMA006 Monitor and review risk management strategies, policies, and processes
The NOS cover occupational functions at a number of levels of responsibility and complexity. They are relevant to anyone involved in the risk management process, including risk managers, risk officers, risk analysts, risk practitioners, and risk consultants.
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