Purpose:

The purpose of this policy is to establish guidelines for identifying, prioritizing, mitigating, and managing risks within Style Within Grace, ensuring proactive measures are in place to safeguard operations and promote continuity.

 

Policy Statements:

  1. Risk Identification:
  • Regularly assess and identify potential risks that could impact business operations, including but not limited to economic, operational, and client-related risks.
  • Involve stakeholders, including clients and suppliers, in identifying risks to ensure a comprehensive assessment.

 

  1. Risk Prioritization:
  • Prioritize identified risks based on their likelihood and potential impact on business objectives and continuity.
  • Assign risk levels (low, medium, high) to prioritize actions and resource allocation for mitigation.

 

  1. Risk Mitigation Strategies:
  • Develop and implement proactive measures to mitigate identified risks.
  • Tailor mitigation strategies to the nature and severity of each risk, considering feasibility and cost-effectiveness.

 

  1. Risk Management:
  • Establish clear responsibilities and procedures for monitoring and managing risks throughout their lifecycle.
  • Regularly review and update risk management strategies to adapt to changes in internal and external environments.

 

Procedures:

  1. Risk Identification Procedure:
  • Conduct regular risk assessments using [specified method, e.g., SWOT analysis, scenario planning].
  • Document identified risks, their potential impact, and likelihood.

 

  1. Risk Prioritization Procedure:
  • Evaluate identified risks based on predefined criteria (likelihood, impact, etc.).
  • Assign risk levels and prioritize actions accordingly.

 

  1. Risk Mitigation Procedure:
  • Develop action plans for mitigating high-priority risks, specifying responsible parties and timelines.
  • Implement mitigation measures and monitor effectiveness.

 

  1. Risk Management Procedure:
  • Establish a monitoring mechanism to track identified risks and their mitigation progress.
  • Review risk management strategies periodically and adjust as necessary.

 

Compliance and Review:

  • This policy and its associated procedures will be reviewed annually or as needed to ensure alignment with business objectives and regulatory requirements.
  • All employees are expected to adhere to this policy and actively participate in risk identification, prioritization, mitigation, and management processes.