SU4 - The ERM Process - Stage 7 - Communication and Consultation Flashcards
Explain the Communication and Consultation Stage.
It will be used across all other ERM process stages.
It is essential for a business to understand how effectively the process outputs of each stage is communicated and understood by decision makers.
Name the 3 Process Mechanisms in the Communication and Consultation Stage.
- Generic communication and consultation plan
- Templates for posters and newsletters.
- Project database.
Name the 2 Process Activities in the Communication and Consultation Stage.
- Internal Communication - Support Accountability
2. External Communication - To deliver open & honest info on the Risks that the Business Faces.
Explain the mechanisms for the Internal Communication Process Activity.
- The framework & updates are communicated throughout the business.
- The policy & updates are communicated throughout the business
- Templates to develop consistency in Risk capture & reporting are communicated.
- Risk info is stored in a way it is readily accessible.
- There is open channel to maintain a dialogue with Key Stakeholders to aid the implementation of Risk Management
Explain the mechanisms for the External Communication Process Activity.
- External reporting is timely, accurate and complete.
- Appropriate external Stakeholders are engaged.
- Answers to questions on Risk Management Framework, policy & process are given promptly.
- Risk Management info is used to provide a positive message to build confidence.
- The business is equipped to quickly communicate with Stakeholders in the event of a crisis.
What are KRI’s (Key Risk Indicators)?
It refers to the captured information that provides useful views of underlying risk profiles at various levels to assist decision makers within a business.
What are KPI’s (Key Performance Indicators)?
It refers to high level snapshots of the health and performance of a business based on specific predefined measures for example statistical information on the business.
