Enhanced Risk Management integration requires a comprehensive approach that aligns with ISO 31000. Develop a unified risk management framework that is communicated across all departments, with training tailored to each department's risk profile.

Embed risk assessments into regular business processes and use a consistent methodology to evaluate and prioritize risks. This will ensure that risk mitigation strategies are consistent, effective, and in line with the bank's overall risk appetite and regulatory requirements.

Change Management is crucial when introducing new risk management practices. It will be necessary to engage stakeholders across all levels of the organization to secure buy-in for the updated processes.

Communicate the benefits of a standardized risk management approach, provide clear instructions on new procedures, and address any concerns promptly. This will help in facilitating a smooth transition to the new system, minimizing resistance and enabling more effective risk management.

Revisit Corporate Policies to ensure they reflect the integrated risk management approach and comply with ISO 31000 guidelines. Policies should be clear, accessible, and enforced consistently to prevent gaps in risk management practices.

Regularly reviewing and updating policies will help to maintain their relevance in a dynamic regulatory environment and reinforce a culture of Continuous Improvement in risk management.

Strengthening internal control systems is integral to improving risk management. Assess current controls in the context of the ISO 31000 framework and identify areas for enhancement.

Implement controls that are preventive and detective in nature, and ensure they are adaptable to changing risks. Establish clear lines of accountability for maintaining these controls to ensure that they are consistently applied and effective.

Adopt an Audit Management system that supports the ISO 31000 standard to streamline audit processes and provide clear oversight of risk management practices across the organization. This will enable more efficient identification of areas where risk management is weak and provide data-driven insights for continuous improvement..

Ensuring compliance with regulatory standards is non-negotiable. Stay ahead of regulatory changes by maintaining open channels of communication with regulatory bodies and participating in industry forums.

Implement a proactive compliance program that integrates with your risk management framework and regularly evaluates the bank's adherence to applicable laws and regulations.

Focus on Strategy Development that encapsulates risk management as a core component. This includes setting clear objectives for risk management integration and establishing KPIs to measure progress.

Align risk management efforts with the strategic goals of the bank to demonstrate the value of a robust risk management system and how it contributes to the bank's overall performance and stability.

Invest in a 'Training within Industry' program to upskill internal audit and other relevant teams on ISO 31000 and risk management Best Practices. Tailored training programs will enhance employees' risk awareness and enable them to better identify and mitigate risks inherent in their respective areas, fostering a more risk-conscious culture bank-wide..

Continuously improve risk management processes by incorporating feedback mechanisms and lessons learned from past audits and risk events. Streamline processes to reduce complexity and eliminate redundancies, thereby enhancing the bank's agility in responding to emerging risks.

This will also support better integration of risk management across different departments.

Strengthen governance structures to reinforce risk management integration. This includes having a dedicated risk management committee or board-level oversight that ensures risk management practices are being implemented effectively and are in line with both ISO 31000 and organizational objectives.

Good governance is a cornerstone for maintaining transparency and accountability in risk management efforts.