How can you apply lessons learned from risk management audits and reviews?

1 Review the findings

The first step is to review the findings of your risk management audits and reviews with your team and stakeholders. You need to understand the root causes, the consequences, and the recommendations of each issue. You also need to prioritize the actions that need to be taken, based on their urgency, feasibility, and cost-effectiveness. You should document the review process and the decisions made, and communicate them clearly to everyone involved.

2 Implement the actions

The next step is to implement the actions that you have agreed on to address the risks identified by your audits and reviews. You need to assign roles and responsibilities, allocate resources, and set deadlines for each task. You also need to monitor the progress and the outcomes of the actions, and report them regularly to your team and stakeholders. You should use project management tools and techniques to ensure that the actions are completed on time, within budget, and according to the standards.

3 Evaluate the results

The final step is to evaluate the results of your actions and their impact on your risk profile. You need to measure the effectiveness, efficiency, and sustainability of the actions, and compare them with the baseline and the targets. You also need to identify the gaps, the challenges, and the opportunities for improvement. You should use feedback mechanisms and performance indicators to assess the results, and document them in a report or a dashboard.

5 Update your risk management plan

The final tip is to update your risk management plan based on the lessons learned from your audits and reviews. You need to revise your risk identification, analysis, evaluation, and treatment processes, and align them with your objectives, strategies, and standards. You also need to update your risk register, your risk matrix, and your risk appetite and tolerance levels. You should review your risk management plan periodically and adjust it according to the changes in your internal and external environment.

6 Maintain your risk management system

The ultimate tip is to maintain your risk management system as a dynamic and ongoing process. You need to conduct regular risk management audits and reviews to monitor and control your risks, and to ensure your compliance with the regulations and the best practices. You also need to apply the lessons learned from them to improve your risk management performance, resilience, and maturity. You should foster a risk management culture that encourages awareness, engagement, and innovation.