Over the last 15 years I have implemented risk management in hundreds of organizations in Europe, Australia and the Middle East. Here is a step-by-step guide on how I actually did it. May not always work and some decision makers will ignore risks no matter what we do, but it won the award for best ERM implementation in Europe and the US in 2021 and 2014 :)))

A. Although risk management is a decision-making tool, you should probably deal with risk management 1 first to keep the auditors, rating agencies and regulators at bay. It's RM1, so keep it as simple and quick as possible; that's less than 10% of the total effort.

B. OK, now it's time for real Risk Management 2 (RM2)

C. Implementing risk management 2 is about both culture and processes

D. Finally, the risk management team itself must be developed

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