It starts with a proper identification and definition of the risks that affect the company. Each risk has a series of determinants- the factors that cause it- that must be identified and followed in a systematic way. Another key element of a good risk management model is the design of the mitigants of each risk, that are actions that lower the probability of occurrence and/or their impact. To complete the Risk Map, it’s important to measure the risks in both, its probability of occurrence and impact, generating the Heat Map.
Once the Risk Map is complete, it’s essential that a cultural change process occurs within the organization. This consists of the understanding of each one of the members of the company, that the risks that they are exposed to is something that involves everyone.