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September 5, 2013

RMORSA Part 2: Risk Identification and Prioritization

The first step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) implementation, Risk Culture and Governance, lays the groundwork and defines roles for your risk management function. The second step, Risk Identification and Prioritization, defines an ongoing risk intelligence process that equips an organization with the data needed for risk based decision making.

The engine behind this process – the enterprise risk assessment – isn’t a new concept, but organizations are finding that the traditional, intuitive ideas for how to conduct risk assessments are inadequate. Too often, risk managers are interviewing process owners and collecting huge quantities of data, only to find that their top 10 risks are entirely objective and lack any actionable component. And what good is a top 10 risk if you can’t answer the inevitable question; what are you going to do about it?

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http://www.riskmanagementmonitor.com/rmorsa-part-2-risk-identification-and-prioritization/