1
Introduction
1.1
risk management is central to the regulatory regime under which we operate. [Insert name of firm] is committed to ensuring effective risk management within the firm and all staff have a role to play in ensuring we achieve this.
1.2
This policy sets out:
1.2.1
what is risk;
1.2.2
our approach to risk management;
1.2.3
who is responsible for risk management;
1.2.4
our processes for identifying, reporting and evaluating risk;
1.2.5
our risk management policies and procedures;
1.2.6
details of risk management training;
1.2.7
the steps we will take to monitor and update this risk management policy.
2
What is risk?
2.1
Risk is the possibility of an adverse or unwelcome outcome. This could be a financial loss, but it could also be something less quantifiable, such as damage to our reputation.
2.2
We categorise the risks we identify under three heads:
2.2.1
strategic risk—risks that could affect our survival or profitability;
2.2.2
operational risk—risks that are associated with our day-to-day activities;
2.2.3
regulatory risk—the risks we face from non-compliance with our regulatory obligations.
2.3
Some risks may fall into more than one category.
2.4
Identifying
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