How do you regularly update your risk management plan?

1 Review your risk register

Your risk register is a document that records the identified risks, their likelihood, impact, and response strategies. You should review your risk register periodically, at least once a quarter, to check if any risks have changed, emerged, or resolved. You should also update the risk register whenever there is a significant change in your business environment, such as a new project, regulation, or competitor. By reviewing your risk register, you can ensure that your risk management plan reflects the current reality and priorities of your business.

2 Monitor your risk indicators

Risk indicators are metrics or signals that help you measure and track the level of risk exposure and performance of your risk response actions. You should monitor your risk indicators regularly, using tools such as dashboards, reports, or alerts. By monitoring your risk indicators, you can assess if your risk management plan is effective and efficient, and identify any gaps or issues that need attention. You can also use your risk indicators to communicate and report on your risk management progress and status to your stakeholders.

3 Conduct risk audits and assessments

Risk audits and assessments are systematic and independent reviews of your risk management process, policies, and practices. You should conduct risk audits and assessments at regular intervals, such as annually or biannually, or whenever there is a major change or incident in your business. By conducting risk audits and assessments, you can evaluate the quality and maturity of your risk management system, and identify any strengths, weaknesses, opportunities, or threats. You can also use the results of your risk audits and assessments to improve and enhance your risk management plan and capabilities.

4 Solicit feedback and input

Feedback and input from your employees, customers, suppliers, partners, and other stakeholders are valuable sources of information and insight for your risk management plan. You should solicit feedback and input regularly, using methods such as surveys, interviews, focus groups, or workshops. By soliciting feedback and input, you can gain different perspectives and opinions on your risk management performance and expectations, and discover any hidden or emerging risks or opportunities. You can also use the feedback and input to foster a culture of risk awareness and collaboration in your business.

5 Learn from your experience

Experience is a powerful teacher for your risk management plan. You should learn from your experience regularly, using techniques such as lessons learned, root cause analysis, or after-action reviews. By learning from your experience, you can capture and document the knowledge and best practices from your risk management successes and failures, and apply them to your future actions and decisions. You can also use the experience to innovate and adapt your risk management plan to changing conditions and needs.

Updating your risk management plan is not a trivial task, but a necessary and beneficial one. By following these tips and best practices, you can ensure that your risk management plan is always aligned with your business goals and objectives, and ready to face any challenges or opportunities that may arise.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?