Risk identification is the process of determining “real or possible events which reduce the likelihood of reaching business goals and increase the probability of losses” – Mervyn King
During the course of 2012, the Finance, Remuneration and Audit Committee of ISASA’s General Council and Management Committee (Mancom) undertook a rigorous and very illuminating risk identification and management process for ISASA.
Given how valuable a process this has proved to be, ISASA would like to recommend that its members undertake a similar exercise in their pursuit of good governance and strategic thinking.
A copy of ISASA’s Risk Management Policy Template is attached, which can easily be adapted for use by a school.
