10 questions to ask your risk team
Updated: May 7, 2020
In many organisations risk management could be adding a lot more value. Here are some questions senior leaders should be asking their risk teams - and the risk teams need to be able to answer. If they can’t, or you get evasive answers, we can help provide an independent review of their effectiveness.
What’s the percentage chance that we meet our budget and targets this year?
What are the biggest uncertainties we’re facing?
Have the risks in all of our processes been identified, and what are we doing about them?
How do we assess risk quantitatively?
What potential risk events and scenarios have been considered, and are we satisfied we have an appropriate strategy in place for each of them?
If the risk team still assess risk using heatmaps - how do you justify using this technique?
How does the risk team add demonstrable value to the organisation?
How familiar are you with ISO31000 and ISO31010?
What uncertainty is there around each of our assumptions?
How do provide assurance around the quality of your outputs?