Step 6: Develop Your Initial Risk Reporting
The organization next needs to develop its initial approach to risk reporting including its communication processes, target audiences, and reporting formats. Organizations should start by keeping things simple, clear and concise. Make it a point, however, that regardless of what specific reporting format employed, the reporting must reflect clearly the relative importance or significance of each risk.
To this end, many organizations use simple lists, with their top risks listed in rank order. Others use colors or graphics along with their ranking to help focus attention on the most significant of the risks being reported. Also consider what status reporting and tracking you need to monitor progress on your action plans in order to address gaps in risk processes or risk responses identified during the Enterprise Risk Management implementation.