• Version 2016
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• Create Date August 24, 2016
• Last Updated August 14, 2018

Each template contains a description of various ways to manage risks, the advantages and disadvantages of each method, and examples of risks and suitable ways to manage them. The template also describes basic approaches to risk management:

• Risk transfer
• Management of likelihood
• Management of consequences
• Avoidance of risk taking

Examples of risks to identify suitable means of managing them

Utilizing these methods allows a company to lower the likelihood of getting involved in unfavorable activities and/or the negatives effects of them. Upon the successful choice of an risk-oriented action plan (neutralization), the company can minimize obstacles in the way of the achievement of strategic goals. You can also optimize the relationship between spending and gainful objectives by means of taking a strategic or tactical decision.

The filling out of the template should be undertaken by the risk owner, who is responsible for enacting risk management measures. Completion of the template should occur during the risk analysis stage, and before any corresponding measures are taken. It must be agreed to by management, re-examined as a matter of necessity, and it must comply with all rules and regulations. All measures developed at this stage must be defined in terms of a preliminary implementation period and accordingly must comply with this. Frequently risk management may require additional resources that have to be allocated.