As part of governance, managing risk is iterative process that should assists organizations in setting strategy, achieving objectives and making informed decisions. Risk management is critical for effective value creation, asset protection and building credibility and status of the organisations.

Organizations of all types and sizes face external and internal factors and influences that make it uncertain whether they will achieve their objectives ( the risk). Managing risk is part of all activities associated with an organization and includes interaction with stakeholders. Managing risk considers the external and internal context of the organization, including human behaviour and cultural factors.

This document provides an overview of best practices steps you need to take in establishing an effective enterprise risk management program. Your ability to implement the Seven (7) steps for successful risk management can provide many benefits including: sustainability, better performance, more effective strategic planning, improved resilience, and more important, effectiveness through use of risk intelligent steering of the organisation.