Risk is not about compliance of some rules, but goes well beyond that. Risk management involves identifying the key risks both internal and external that the business faces and developing ways and means of monitoring, accepting and mitigating them to deliver business outcomes.
We need to also undertake a cost benefit study on risk mitigation strategy to ensure that the business is fully aware of the risk mitigation costs.
Work on risk encompasses the following:
Risk framework
Risk monitoring
Risk mitigation
Reporting