Periodic reports to the Board are now mandatory. Success requires these twin supports 2. Incorporate all forms of risk. The ultimate goal is creation of a single overall picture of the uncertainty facing an organization. Risks are interconnected and interdependent.
Many financial organizations use similar descriptors.
Include all elements of risk. The latter are difficult to quantify, when they change from day to day. Begin with what you know best. Financial institutions begin their work with credit and market risks, the familiar ones. Microsoft has a new intranet page for all operational risks, to be expanded later.