How to implement the risk management framework into your business
Season 2 of “Off the Menu” dives into the risk management guidelines under the ISO 31000 Standard to help you better understand them and how they relate to risk management activities in your business.
In Episode 4, Peter and I walk through implementing the risk management framework. We also discuss:
- Getting commitment from everyone
- Providing value in the organisation
- Formulating the steering committee
- Who should be on the committee?
- Cross-over with company culture
- Project management tools
- Productivity in the workplace
- Benefits of a multi-functional committee
- Allocating time-based tasks based on motivation
- Getting project engagement
- Ownership for implementation
- Modifications to the implementation process
- Adapting to supply chain issues
- The rouge employee
- Educating staff on modifications
Adapted Podcast Transcription
The following information provides the key concepts that both Pete and I spoke about in this podcast. Our conversation was inspired from an article that Peter published called “How to Implement the Risk Management Framework”.
Developing your roadmap
When implementing your risk management framework the first thing you need to do is to create a plan, or a roadmap, for how you’re going to go about your implementation. Your roadmap needs to pan and assign clear responsibilities to each team involved. This also includes identifying who needs to be consulted in the process.
There are a number of project management tools you can use for this process. Here a few to get you started:
- Gantt Charts
- Microsoft Excel
- Google Sheets
- Microsoft Project
- Trello (This is my favourite)
- Monday
- Teamwork Projects
- Zoho Projects
- Asana
Allocating enough time
One of the hardest resources to manage during the implementation process is time. With human resources, it's important to use that time as efficiently and effectively as possible to avoid overworking your team. That includes being considerate in the day-to-day operations and what lies ahead for them.
It's best to get both the employee and their manager on board. If you establish a plan for this in advance, it will help keep you on track with your time and efforts.
Implementing modifications
As you go through implementing your risk management framework, you may find that modifications will need to be made. Modifications may be needed around the decision making process for your business , the financial cost of a process or it's actual efficiency.
Communicating Modifications to internal stakeholders
Any modification that is made during the implementation process will need to be effectively communicated to those who are responsible for the success of the process. It is entirely up to you how you seek to educate with some examples including via toolbox meetings, daily briefing notes or face-to-face instruction.
Just remember - your implementation process needs to be focused on engagement and acceptance via all parties involved. When this occurs, you will have greater success.
To read the full article on “Integrating and adapting the risk management framework to your organisation” please click here.
About Off the Menu - Season 2
Risk is inherent in almost everything we do. Risk taking can make us uneasy, or for some, being comfortable with taking risks, can be incredibly empowering. Join Amanda Evans-Lara and Peter Holtmann for Season 2 of Off the Menu as they explore risk management and how it relates to your business.
