Risk Management Template

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To support boards of all sizes and stages of maturity, a library of templates is available. These have been designed to help boards get started on their continuous improvement journey.

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How to Use Our Risk Management Template

The risk management template is part of a comprehensive library of board performance templates relating to key areas of board effectiveness. Consider including the risk management template as part of your board evaluation process to understand the board's engagement with risk policies, frameworks and procedures across the organisation.

These questions are a sample of a BoardOutlook board evaluation diagnostic. The complete diagnostic is intended to be used on the BoardOutlook platform.

Why is Risk Management Important

One of the core responsibilities of the board is to ensure that risk as a distinct consideration is an integral part of the organisation’s decision-making process. When a decision is made with an understanding of the risks and how they will be managed, the chances that the decision will contribute to achieving the organisation’s purpose will improve. It is imperative that the board has visibility over risk management frameworks and policies. Whilst there is no one-size-fits-all approach to developing a risk management framework, all directors should understand how risk is managed in the organisation to ensure they are aligned to purpose.

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About BoardOutlook

BoardOutlook empowers high-performance boards with instant, secure reporting that ensures the board is focused on the right priorities at the right time. Backed by research-supported questions, BoardOutlook provides genuine insights into your board’s performance, fostering director development and tracking improvement seamlessly. With real support and flexible plans tailored to suit your board’s needs, BoardOutlook transforms your board dynamics, where excellence meets ease.

Risk Management FAQs

What is a risk management framework?

A risk management framework can best be described as a set of policies that provide the foundations and organisational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management throughout an organisation. There is no one-size-fits-all approach to developing and implementing a risk management framework, but a measure of success is how the organisation achieves its purpose with an acceptable degree of uncertainty.

What is the board’s role in risk management?

It’s the board’s responsibility to oversee the risk management framework and understand how it is implemented across the organisation. In practice, the board isn’t expected to spend hours reviewing lists of hypothetical risks, but rather, what arrangements are in place to manage those risks.

What is a risk appetite statement?

Risk appetite refers to the level of risk that an organisation is prepared to accept in pursuit of its purpose. An organisation that isn’t prepared to accept enough risk may be ineffective; while an organisation that accepts too much risk may be exposed to undesirable consequences. The risk appetite statement is the formal document that articulates the level and type of risk an organisation is willing to accept in pursuit of its purpose.

What are the different types of risk in business?

The different types of risk in business depend on a number of factors, including the size and scale of the business and the industry in which it operates. Common types of risks that most businesses need to consider include: strategy, compliance, legal, competition, financial, liquidity, cyber, technology, environmental, supply chain and human risks.

How does risk management relate to board performance?

If the board doesn’t have adequate oversight on risk management, their decision-making processes may not be effective. With proper engagement, the board is better equipped to understand whether the organisation is taking on an appropriate level of risk aligned to its purpose and how that risk is being managed over time.

Risk Management