Put risk information to use in board discussions
Review your risk management
A risk management system that supports board decisions
Does your risk management system tell the board where action is needed? Look at how you identify risks, check controls and report concerns before they become bigger problems.
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Start with your objectives
Identify risks that could stop you achieving them.
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Review risks and controls
Check whether the remaining risk is within your risk appetite.
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Follow up concerns
Report the actions needed and discuss them with the board.
What should a risk management system do?
A risk management system brings together the policy, responsibilities, assessment criteria and reporting that help an organisation understand its risks. Software supports that framework by keeping records and actions available to the people who need them.
A useful system helps the board answer three questions: what could prevent us meeting our objectives, how well are our controls working, and where do we need to act?
Connect risks to organisational objectives
Start with the outcomes your organisation needs to achieve. Identify the events that could disrupt them, the consequences and the controls already in place. Use agreed likelihood and impact definitions so teams can explain their assessments consistently.
Make ownership and escalation clear
Give each risk an owner and each improvement action a responsible person and due date. Set out when a concern should move from a department to senior management or the board. A high rating is useful only when people understand what decision or response it calls for.
Use reports to support board assurance
Reports should show significant exposures, changes in ratings, overdue actions and gaps in controls. Management updates explain the position; independent assurance, where available, helps the board challenge it. A register records the assessment, while supporting evidence helps establish whether the controls work in practice.
Check the system against everyday decisions
- Can managers explain the risk appetite relevant to their work?
- Are assessments reviewed when activities, controls or circumstances change?
- Do reports make unresolved issues and decisions visible?
- Can the board follow an important risk from its objective through to actions and assurance?
If the framework is clear but teams struggle to keep it current, our guide to embedding effective risk management covers the habits and review routine behind it.
Support the framework with an online register
RiskMate’s risk management software records risk ratings, controls, responsibilities and actions in a shared register. Built-in reports help managers review the information entered and prepare for board discussions. Explore the tools and reporting features or request a demonstration using your organisation’s needs.