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Best practices can be industry-committed and be benchmarks for organizations to improve to, rather than being mandated as regulatory or legislative requirements. Best practices do not necessarily produce the results that an individual organization may require, as each organization is unique and has different support structures and resources in place.
UK Government White Paper by Graham Williams
There are many articles and white papers posted on the site axelos .com related to best management practices. The site was created by or on behalf of the UK government (UKG) and in June 2010 came under the Cabinet Office. The products were created to help UK government organizations to develop capability and improve efficiency and deployment of best practices in their management disciplines.
One of them is entitled Everything You Wanted to Know about Management of Risk (M_o_R) in Less Than 1,000 Words, by Graham Williams (December 2011). He writes that effective risk management satisfies the first seven of the principles listed below. The eighth principle is the result of the risk management implementation.
1. Aligns with objectives
2. Fits the context
3. Engages stakeholders
4. Provides clear guidance
5. Informs decision making
6. Facilitates continual improvement
7. Creates a supportive culture
8. Achieves measurable value
I do support Graham Williams' white paper; however, I would suggest the addition of one more step to the process model of management of risk in Figure 4.1, and that is to add “Improve” to his “Identify, Assess, Plan, Implement” process from Management of Risks: Guidance for Practitioners.
As a leader you need to know the risks, and to act to improve the minimization of the risks. The Axelos site offers many interesting perspectives and encourages innovation within the management of the government.
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