There is no single definition of effective risk management. What is important is that you find a way of making it work for you. Where risk management is successful there are often some common factors:

• There is a system that works and is understandable.
• It is an integral part of the key management processes.
• Risk management supports the governance process.
• It is part of the culture.

How will you know if you have effective risk management? There are resources and checklists you can use and the toolkit will provide you with links to these.

Think about your organisation’s success in meeting its objectives and challenges. What contribution is risk management making to this? Is there more that could be done? Does everyone understand what risk management is and how they should be using it? Do you have a culture that embraces opportunities and manages the risks?