Risk management
Risk management

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Risk management

5 The Risk Management Plan (RMP)

This framework will be looked at again in later sessions, but for now consider a specific approach for the first risk management activity. The first task in setting up risk management for any new activity is to create a document called a ‘Risk Management Plan’ (RMP). The purpose of an RMP is to set a standard and ensure consistent and seamless application of risk. This step, referred to as Scope, Context, Criteria in the ISO 31000 risk management process, sets the tone for what will follow.

Described image
Figure 1 ISO 31000 diagram – Scope, Criteria, Context

RMPs can exist for small activities all the way up to risk activities for an entire organisation. An organisation-level RMP will be partly driven by the regulatory requirements, which will define some minimum requirements for governance and reporting. Listed companies in certain countries have to comply with corporate governance codes which may set a minimum requirement for the things the risk management system needs to cover. Corporate governance requirements are discussed further in Session 7.

RM_1

Take your learning further371

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses372.

If you are new to university level study, we offer two introductory routes to our qualifications. Find out Where to take your learning next?373 You could either choose to start with an Access courses374or an open box module, which allows you to count your previous learning towards an Open University qualification.

Not ready for University study then browse over 1000 free courses on OpenLearn375 and sign up to our newsletter376 to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371