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Risk Management Protocol

The objective of this SOP is to understand how to manage risks effectively by creating relevant controls to mitigate them.

Key Steps:

  1. Management Plan:
    • Type in what should be done about the risk.
    • Use the "Generate with Radar AI" button to auto-generate a plan.
    • Press "Accept and Continue" once the plan is generated.
  2. Monitoring Plan:
    • Define what information should be monitored regarding the risk.
    • Write it manually or use the Radar AI tool to generate a plan.
    • Press "Save" after completing the monitoring plan.
  3. Controls:
    • Click on the "Create New Control" button.
    • Follow the guidelines in the control section of the guide to create and add controls.
    • Ensure controls are relevant and effective in managing the risk.

Cautionary Notes:

  • Ensure that the management plan, monitoring plan, and controls are comprehensive and aligned with the nature and severity of the risk.
  • Regularly review and update the risk management protocol to adapt to changing circumstances and new risks.

Tips for Efficiency:

  • Utilise the Radar AI tool for generating plans to save time and ensure accuracy.
  • Collaborate with team members or stakeholders to gather diverse perspectives and insights when creating risk management plans.
  • Document all steps and decisions taken in the risk management process for future reference and audit purposes.

 


Watch a video demonstration: