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Risk Management
covering items like insurance coverages in place, disaster
management procedures etc.
D) Controlling the risk management programme
The tasks in this stage involves
l Setting performance standards and metrics,
l Judging/comparing actual performance deviations with
such standards and
l Taking corrective actions to improve future performance.
E) Formulating a risk management policy
l Risk management policy statement in a written format from
the senior management, is an effective communication tool.
It reflects what the company is trying to do, its normal
operating methods / strategy.
n The policy statement will differ from company to company
depending on its activities, approach to risk management and
overall goals. Such a statement can do the following:
l Emphasises the function of risk management,
l Provide framework for assessing responsibility for
controlling / financing losses,
l States risk management department's position in the
organization structure.
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