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Mauritius Broadcasting Corporation Risk – The MBC Risk Management Policy approved by the MBC Board in December 2011 sets out the Board’s risk management process in relation to its knowledge and responsibilities regarding risk management within the company. The objective of the policy is to manage risk in a way that leads to better outcomes for the company and its stakeholders and minimizes negative outcomes. Risk Management Risk management is a fundamental part of MBC strategic management. The organization emphasizes good risk management in identifying and treating risks associated with its operations. Identifying risk management is a central element of good corporate governance. It is an ongoing and evolving process that can be used as a tool to assist in strategic and operational planning. Threats faced by the company can be from both external and internal factors to MBC. Risk management principles and structures are guidelines for effective management of potential benefits and negative impacts in the external and internal environment of MBC. The key risk areas facing the company and specific examples of these key areas are given in the diagram below. Page 1
Examples Of Risk Management Policies
Mauritius begins the development of a risk management plan – approved by the MBC Committee in February 2011 Risks Risks Environmental Risks Financial Risks External External External External External and External – Maximum Sales of the Company – Internationally Changed Sales um Company Size Changes Operational Risks Operational Risks Internal External External – Accounting Control Internal Dynamic Control – Operating Contract – Procedure – Information – Supplier – Public Road – Access Natural – Internal Event Control – Environmental Managing the KMAN process is a continuous activity that integrates into existing business processes. The main elements of the MBC risk management process are: 1. Consultation and Communication MBC communicates with internal and external stakeholders as appropriate at each stage of the risk management process. Page 2
Inherent Risk: Definition, Examples, And 3 Types Of Audit Risks
MURITIUS BROADCASTING CORPORATION RISK MANAGEMENT RULE – APPROVED BY MBC BOARD IN DECEMBER 2011 2. ESTABLISHMENT OF INTERNAL AND EXTERNAL ENVIRONMENT IN WHICH THE COMPANY OPERATES IS EVALUATED. These include legal, social, political, cultural and international conditions. The strategic plans and objectives of the organization are also considered. The basic principles within which risks should be managed are defined. 3. Hazard Identification Hazards flowing from a specific activity are defined and classified. Critical factors for project success and risks and opportunities associated with project success are identified. 4. Risk Assessment and Evaluation Existing control systems are identified and evaluated. Consequences and probabilities and thus the level of risk are determined. Risk assessment can be quantitative, semi-quantitative or qualitative, depending on the activity. The estimated level of risk is compared with the acceptable level of risk. A balance between potential benefits and negative consequences is considered. 5. Risk Management Specific cost strategies and action plans are developed and implemented to maximize benefits and minimize energy costs. Responsibilities are assigned to those who best address the risk and follow up as needed. 6. Risk monitoring and evaluation to ensure the effectiveness of risk and remedial measures is monitored to take into account changing conditions. Regular reporting and updates are done on the effectiveness of the measures. 7. Documentation Each step of the risk management process is documented and regularly reviewed. Page 3
Mauritius Broadcasting Corporation OTO Manage Risks – The risk management process adopted by the MBC Board in December 2011 is systematically presented as: Risk Identification Definition and Communication Risk Advisory and Communication Risk Assessment and Risk Monitoring The journal is responsible for establishing the risk management committee. Risk management policy and the company’s risk management process. The Committee oversees the risk management process and entrusts the examination of key risk issues to the Audit and Risk Committee. The Audit and Risk Committee advises the Board on risk behaviors to be agreed on a case-by-case basis. Management is responsible for implementing the Board’s risk policies and procedures and communicating them to relevant individuals. Management reviews the reports submitted by the projects/technical teams and brings them to the Audit and Risk Management Committee for consideration. Project/technical teams work on projects related to their area of expertise and assess the level of risk associated with their activities. They report to management on relevant risk issues. Every employee is aware of the risk management process and ensures that he uses the process in dealing with risk issues in his work. He is accountable for individual risks and reports any issues of concern to the department head or management. Page 4
Mauritius Broadcasting Corporation Risk Development Policy – Approved by the MBC Board in December 2011 The Board: is responsible for developing a risk management policy that covers risk management information and responsibilities; Obtain assurance from the audit and risk management committee and management that the risk management policy is in compliance and the risk management process is functioning properly; Learn about the most important risks facing the company; Ensure that adequate systems are in place to address existing threats; Carefully scrutinize the recommendations of the Audit and Risk Management Committee regarding the assessment of its activities/projects and the risks associated with them; and Be responsible for disclosures regarding risk management. Audit and Risk Management Committee: Ensures that the Company complies with the Risk Management Policy and Risk Management Process approved by the Committee; Provide independent and objective monitoring of information provided by management on risk activities/projects; Assess the risks associated with the work/project and review and recommend to the Board the risk behavior adopted for each work/project; Review the adequacy of internal controls to ensure that they are operating effectively and are adequate to achieve the company’s goals and objectives; and Advise the Board on disclosures regarding risk management. Management: Accountable to the Audit and Risk Management Committee for the implementation of the Board and the Board’s risk management policy, strategy and procedures; Review reports prepared by technical groups or other persons regarding specific issues; Closely monitor systems in place to address risks and recommend any modifications; Communicate with all stakeholders on risk management policy and program; Responsible for the implementation and maintenance of all sound risk management; and Motivating and empowering employees in risk management. Page 5
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Mauritius Broadcasting Corporation Risks – Project/Technical Teams approved by MBC Board in December 2011 Carefully examine the types, levels, probabilities, estimates and consequences of risks relevant to their work area; Need to interact with internal and external stakeholders to reach their recommendations for specific tasks; Use appropriate risk analysis methods and procedures to assess risks in their projects/services; have performance indicators that allow them to monitor their actions, progress towards goals and identify differences that require intervention; Provide a comprehensive report on their findings, recommendations and any risks or failures of existing control measures; and Adopting sound risk management practices within specific areas of responsibility. Employees understand their accountability for individual risks; Understand the risk management process and understand how to improve the effectiveness of the process; and Systematically and promptly report to your head of department any new perceived risks or failures of existing control measures. In the field of health and safety, the MBC knows that the results are only negative. Therefore, health and safety risk management is focused on injury prevention and reduction. The company has a full-time registered safety and health officer who ensures that the company complies with all safety and health regulations and standards. The Safety and Health Officer also ensures that the MBC complies with the detailed Safety and Health Policy. ************************** Page 6 From an early stage Crossrail recognized that risk management was critical to the success of the scheme. Crossrail implements risk management across the organization with three key objectives:
Key to implementing the above is the senior management and authority support provided by Crossrail management through the adoption of an independent sub-committee for risk management procedures, as well as a visible system of performance indicators and Through a strong system of assurance. . method
Crossrail has adopted an approach to integrating health and safety risk into the overall risk management process which is different from other railways.