Risk Mapping

What is Risk Mapping?
Risk Mapping is the process of identifying, quantifying and prioritising risks relating to the achievement of business objectives. It provides a snapshot view of risks, and helps you evaluate the seriousness of each risk as well as the effectiveness of the controls in place. Ultimately, the aim of Risk Mapping is to identify a clear set of action plans to improve risk management controls where necessary, and where it is most cost-efficient.

Benefits

• Contributes to the achievement of strategic business objectives and drives business success through proactive risk management.
• Provides a clear overview of all major risks, and prioritises them in terms of likelihood of occurrence and expected impact on your organisation.
• Evaluates the adequacy of current risk control strategies and recommends improvements.
• Facilitates the designation of clear roles, responsibilities and accountabilities for risk management.
• Facilitates compliance with corporate governance guidelines.
• Provides a systematic and documented process to identify and treat risks.
• Lays the foundation for development and execution of an enterprise risk management strategy.
• Acts as a necessary prelude to implementing action plans that will reduce your organisation’s vulnerability to risks identified in the process and serves as bottom line and cash flow protection.

Echelon’s Approach
Echelon uses a structured process to systematically map an organisation’s full spectrum of risks:

This process is complemented by JLTi’s Risk Mapping software, which allows our clients to track and review their risks on an ongoing and efficient basis.