1. Create and protect value
Good risk management contributes to the achievement of your business objectives through continuous review of processes and systems.
2. Be integral to your process
Risk management needs to be integrated with your governance framework and become a part of your planning processes, at both the operational and strategic level.
3. Be part of decision making
The process of risk management helps you make informed choices, identify priorities and select the most appropriate action.
4. Explicitly address uncertainty
By identifying potential problems with in-depth risk assessment, you can implement measures to maximise your ability to gain while minimising chances of loss.
5. Be systematic, structured and timely
The process of risk management should be consistent across your business to ensure the efficiency and reliability of results.
6. Be based on the best available information
To effectively manage risk, consider all the available and relevant information and be aware that there may be some limitations. You then need to determine how all this information informs the risk management process.