HW Controls & Assurance LLP

Risk

Is the threat that an event or action will adversely affect an organisation's ability to achieve it's objectives and to successfully implement it's strategies.

Risk Management

Is the process by which risks are identified, evaluated and controlled.

Benefits of Employing Risk Management Strategies

• Increased focus on the strategy to meet the objectives;

• Clearer change management programmes;

• Ability to focus on service delivery and quality;

• Ability to justify actions;

• Better utilisation of scarce resources; and

• Better chance of Getting it Right at the first attempt.

Risk Management is perceived as a key element of the framework of governance together with Community Focus, Structures and Processes, Standards of Conduct and Service Delivery Arrangements. - Audit Commission