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Risk management checklist for arts organizations Property 1. Updates to roof, electrical, HVAC, and plumbing in last 20 years 2. No vacant buildings or other neglected structures in your control 3.
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How to fill out risk once youve reduced

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01
Start by reviewing the risks that you have identified and assessed prior to taking any risk reduction measures. This will help you understand the potential risks that may still exist even after implementing risk reduction strategies.
02
Assess the effectiveness of the risk reduction measures that you have implemented. Determine if they have successfully mitigated or eliminated the identified risks. If the risks have been significantly reduced, you may need to modify your risk assessment and categorize them accordingly.
03
Consider any new risks or uncertainties that may have emerged as a result of the risk reduction measures. Some risks may have been transferred or transformed into different forms, so it is important to reassess and update your risk register accordingly.
04
Communicate and consult with relevant stakeholders, such as project teams, management, or any parties impacted by the risks. Discuss the changes in risk levels and seek their input and feedback on any further actions needed.
05
Adjust your risk management strategies based on the updated risk assessment. Determine if additional risk reduction measures are required or if certain risks can be accepted at reduced levels. This step involves weighing the cost, time, and effort of implementing further risk reduction measures against the potential consequences of the remaining risks.
06
Regularly monitor and review the effectiveness of the risk reduction measures implemented. Maintain a proactive approach to risk management by continuously identifying, assessing, and controlling risks to ensure they do not escalate to unacceptable levels.

Who needs risk once you've reduced?

01
Stakeholders: Even after risk reduction, stakeholders still need to be aware of the remaining risks. This helps them make informed decisions, allocate necessary resources, and assess the overall risk exposure to their operations or projects.
02
Regulatory authorities: Regulatory bodies may require organizations to report on residual risks, even after risk reduction measures have been taken. This allows them to ensure compliance with relevant regulations and standards.
03
Insurance providers: Insurance companies may need to assess the remaining risks in order to determine the appropriate coverage and premiums for insurance policies.
04
Risk management teams: This group plays a vital role in continuously monitoring and managing risks, even after risk reduction. They need to ensure that the risk levels remain acceptable and take necessary actions to mitigate any potential adverse impacts.
05
Internal and external auditors: Auditors evaluate and provide assurance on an organization's risk management processes and controls. They need to understand the residual risks to effectively perform their duties and provide recommendations for further risk management improvement.
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