Risk Audit & Mapping

                                          

1. The cost of risk mitigation or transfer. 
2. Whether the above cost is less than the consequence of inaction, in other words "gain should be in excess of the pain".

RISK MAPPING³  can form the first step in developing Enterprise Risk Management (ERM) Program or it can stand alone as the primary risk management process for companies that have not yet developed a full ERM Program. Risk Mapping is a technique used to evaluate the identified risk. Possible severity of an occurrence (with relation to each other) & possible frequency of the occurrence is plotted and risk is prioritised. Risk Mapping can be used as a low cost & high impact introduction to risk management without disturbing the existing systems and controls, taking into account actual company experience, related industry experience, experiences in unrelated industries, trends, and forecasts.

Risks identified, quantified and mapped are COMMUNICATED⁴ to the stakeholders to develop a structured response or to implement Risk Management Program.