A new risk analyser tool from the UK's National Audit Office (NAO) is designed to help organisations determine if their risk management performance conforms to current best practices.
The tool complements guidance previously published by the NAO as well as current government guidance on risk management, including the Orange Book: Management of risk – Principles and Concepts, the requirements set out in Managing Public Money and the Government Financial Reporting Manual (FReM).
NAO advises, "assessment and outcomes can be used to as a driver for discussions between risk leaders and practitioners or as part of an occasional check" and suggests the following typical use cases for the tool:
Use the outcomes to validate or inform your risk improvement planning.-item wp:list-item
Use the outcomes to gain greater assurance over the effectiveness of risk management.-item
Every organisation is unique, and it is recommended organisations evaluate whether they will derive benefits from its use.
