Glossary definition: Risk Management Policy

Creating a Risk Management Policy: Protecting Your Business

A Risk Management Policy is a document that outlines steps and procedures to be taken by an organization to identify, assess, and manage risks associated with its operations. It is a comprehensive plan that outlines the roles and responsibilities of all stakeholders in the risk management process, as well as the process of monitoring and evaluating risks. The goal of a Risk Management Policy is to ensure that risks are identified and managed in a proactive, systematic, and cost-effective manner. It should also provide guidance on how to respond to potential risks and how to mitigate their impact. The policy should be reviewed and updated regularly to ensure that it remains current and relevant.