Business Risk Management

Forecast and assess existing and potential IT risks which impact the operation and/or profitability to the business as well as the development and roll out of company-wide strategies and processes to mitigate risks, minimise their impact or effectively manage such business risks.

Proficiency Level

Level 1 (Follow)

  • Being aware of what kind of business problems can be addressed by data-driven solutions.
  • Understand the principles and general ideas of creating a data science/analytics solution.

Level 2 (Assist)

  • Undertake basic risk management activities.
  • Maintain documentation of risks, threats, vulnerabilities and mitigation actions.

Level 3 (Apply)

  • Identify risks and their business impact and propose measures to manage risks.
  • Carry out risk management activities within a specific function, technical area or project of medium complexity.
  • Identify risks and vulnerabilities, assess their impact and probability, develop mitigation strategies and reports to the business.
  • Involve specialists and domain experts as necessary.
  • Assess current and potential risks within a defined functional area, and develop risk countermeasures and contingency plans.

Level 4 (Ensure)

  • Critically evaluate, review and drive organisation-wide risk mitigation and management initiatives.
  • Plan and implement complex and substantial risk management activities within a specific function, technical area, project or programme.
  • Implement consistent and reliable risk management processes and reporting to key stakeholders.
  • Engage specialists and domain experts as necessary.
  • Advise on the organisation’s approach to risk management.
  • Plan and manage the implementation of organisation-wide processes and procedures, tools and techniques for risk management.
  • Consider organisation-wide risk and mitigation activities within the context of business risk as a whole and the organisation’s appetite for risk.
  • Provide leadership on risk management at the organisational and business levels.

Level 5 (Strategise)

  • Anticipate emerging threats and potential risks, and define the overarching risk management strategy for the business.
  • Establish organisational strategy for risk management.
  • Define and communicate the organisation’s appetite for risk.
  • Provide resources to implement the organisation’s risk strategy.
  • Delegate authority for detailed planning and execution of risk management activities across the organisation.