5 Summary of Session 6
Session 6 has looked at monitoring and risk reviews. You have considered why you need to monitor and review risk activity, and you were introduced to the three lines of defence model as best practice to structure the monitoring and review activity.
You then looked at some tools to support monitoring activity for risk management, discussing the use of risk KPIs and the concept of a deep dive to ensure the right information is reviewed for risks and that those risks are ‘brought to life’ for those involved in their management.
Finally in Session 6, you looked at risk-based assurance and considered an overview of what would be expected from any risk-based assurance activity undertaken in an organisation as part of risk monitoring and review.
The main learning points that have been covered in this session are:
- the value of monitoring and reviewing risks
- what a risk review is
- what takes place during a risk review
- the basics of risk assurance (including the three lines of defence concept).
Now move on towhich focuses on managing risks through communication and reporting.