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The risk management policy forms part of ABAC Certification internal control and corporate governance arrangements. Good risk management practice is about having a holistic approach, driven by a desire to balance stability and innovation.
This policy explains ABAC Certification’s underlying approach to risk management, procedure Risk Management documents the roles and responsibilities of the Managing Director, ABAC Certification Manager and other key parties. It also outlines key aspects of the risk management process and identifies the main reporting procedures. In addition, it describes ABAC Certification evaluates the effectiveness of the company’s internal control procedures.
Risk is often defined as “the threat or possibility that an action or event will adversely or beneficially affect an organization’s ability to achieve its objectives”.
There are many potential benefits of implementing and embedding risk management as a management tool, some of which are listed below:
Underlying approach to Risk Management
The following key principles outline ABAC Certification’s approach to risk management and internal control.
Managing Director ABAC Center of Excellence Limited
CRI-POL-008, Rev. 1.0, Date 04-10-2018