SETTING UP AN ENTERPRISE RISK

PROGRAMPRODUCED BY: JOSEPH WHITE

BIG PICTURE ACTIONS AND WEEKLY TASKS

• Set Ideal State• Create Mission Statement• Create Road Map• Develop a task list of operations• Set milestones and evaluation measures

#1. IDENTIFY ALL PARTIES

• Contact List• Accountability• Task/Routines• Areas of Concern

#2. IDENTIFY ALL ACCESS POINTS

• Physical Access Points• Internet Access Points• Network Access Points• Employee Access Points

#3. DETERMINE/MONITOR ALL RISK LEVELS

• Define a Issue, Risk, and Watch Item• Define levels of severity

#4. ESTABLISH REQUIREMENTS, ACCESS, ENCRYPTION

• Establish requirements for information access, such as job titles and task needs• Establish access requirements to be met by interest party• Establish proper encryption

#5. MANAGE PRIVACY OVERSITE

• Establish Information Command Hierarchy • Establish Policy and Regulations• Establish Administration over Policy• Establish Training Seminar• Establish Testing

#6. ANNUAL ASSESSMENT/REPORTING

• Risk Management skills must be kept sharp• Establish an annual review off all procedures and policies• Report out truthful findings• Complete a report review and make necessary updates• Schedule next year’s review date

RISK DUE DILIGENCE TASKS#1• Scope of Internal Controls• What is the jurisdiction of the program• What is the power of the program• Who governs and authorizes the program• What measures and actions may the program take• When will the controls be reviewed and amended

RISK DUE DILIGENCE TASKS#2

• Business Reputation• Credit Risk• News Stories• Customer Risk• Business History

RISK DUE DILIGENCE TASKS#3

• History of Complaints• Seek to find the negative in the party, and overturn every

stone• Develop Trends on Complaints (5 Ws)• Reach out to negative parties for objective review

RISK DUE DILIGENCE TASKS#4

• Ability to Perform• Assess parties ability to perform the task or service• Assess the likelihood that the party cannot perform the

task• Assess competiton from other parties for comparison

RISK DUE DILIGENCE TASKS#5

• Use of Subcontractors• Risk vs cost savings• Risk vs timeline• Risk vs confidentiality• Risk vs hiring process

RISK DUE DILIGENCE TASKS#6

• Knowledge of Consumer Protections

RISK DUE DILIGENCE TASKS#7• Insurance Coverages• Life Insurance• Health Insurance• Property Insurance• Legal Insurance• Technical Insurance

RISK DUE DILIGENCE TASKS#8

• Ownership Issues• Accountability and responsibility is key to success • Establish understanding of positions and direction• Establish Communication channels for interested parties