In this “Features in 5,” we explore the importance of developing a risk action plan as part of an Enterprise Risk Management (ERM) program and how it’s accomplished in Origami Risk’s Governance, Risk & Compliance (GRC) suite.
As a next step after establishing a risk register, risk action plans allow a risk manager or their team to examine organizational risks on an individual basis, determine if steps should be taken outside of controls to prevent said risk from occurring, and break-down a brief or detailed mitigation plan.
Essential to effective risk mitigation, risk action plans allow organizations to map the plans to risks, controls, frameworks, and more — a critical step that is challenging to accomplish with spreadsheets or shared documents.
Effective risk action plans allow teams to easily:
- Identify a set of tasks that have been determined to mitigate a risk
- Ownership of individual tasks
- Associated cost and impact,
- Much more
In this one and a half minute video, see how easy Origami’s GRC suite makes accomplishing this and more.