Effective risk management begins with adequate identification and definition of the risks that affect it. Each risk has a series of determinants – those factors that cause them – that must be identified and systematically followed. Another key element of a good risk management model is the design of the mitigants for each risk, which are actions that reduce the probability of their occurrence and/or their impact. To complete the Risk Map, it is necessary to measure the risks in their probability of occurrence and impact, generating the Heat Map.

Once the Risk Map is completed, it is essential that a cultural change process is generated that allows each of the members of the organization to understand that the company’s risks are an issue that concerns each and every one of its members.

It will be necessary to form a risk management committee, which works in a coordinated and interdisciplinary manner, in the comprehensive management of the organization’s risks.