Establish Context - Underrated, Misunderstood

Risk Commentary

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3y ago 17:54

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“Establish the Context” - the most misunderstood and underrated step in the whole risk management process.

Recap of topics so far
Establish the Context
What do the standards mean by “Establish the Context”?
What are the elements and true significance of “Establish the Context”?
The headings in what I call the Context Paper, used to prep a risk ID session:
1. Title of the plan under scrutiny
2. Goals and objectives of that plan
3. Corporate values
4. Risk categories
5. Stakeholder analysis
6. Procedural and due diligence points (constraints)
7. Deliverable

KEY QUOTE
“Do not introduce as risk things into the risk ID session which should, properly speaking, simply be trends and conditions that are already known -- that should have been taken into account in the formulation and design of the plans themselves.”

LINKS
E. Robertson Solving the Enterprise Risk Management Puzzle: Secrets to Successful Implementation (2016)
The discussion on Establish Context begins in Chapter 2.2.

20 episodes

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