Process - monitoring and reporting

Principle
 The organisation has a process for monitoring its risk profile and identifying and responding to significant issues and events. The risk profile is a key input to setting and re-setting business objectives, policies, risk appetite and the internal control environment.
 
 Minimum standards

Process for ongoing monitoring
The organisation has a process for the regular update of its risk profile for changes to its internal and external risk environment .
 View further guidance on processes for ongoing monitoring
Monitor changes in the risk environment
The organisation has in place sufficient measures and checks to enable the ongoing monitoring of its internal and external risk environment, for example risk and control indicators.
View further guidance on measures to monitor changes in the risk environment

 Reporting key risk information
The organisation reports key risk information via the governance structure in place.
View further guidance on reporting key risk information

Risk management process
The risk management process is linked to the business planning and assurance processes, including internal audit and compliance.
View further guidance on risk management process
Last updated on 04 May 2007