Risk Management Policy

Risk Assessment & Monitoring

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The purpose of this Risk Management Policy is to outline the framework, processes, and responsibilities for identifying, assessing, mitigating, and monitoring risks within Data Cohorts.

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Scope

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This policy applies to all employees, contractors, and stakeholders involved in Data Cohorts' operations, projects, and activities.

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Risk Management Framework

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a. Risk Identification: Risks shall be identified through regular risk assessments, project planning sessions, incident reports, and feedback mechanisms.

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b. Risk Assessment: Identified risks shall be assessed based on their likelihood, impact, and severity. Risks shall be categorized into high, medium, or low priority based on these criteria.

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c. Risk Mitigation: Appropriate risk mitigation strategies shall be developed for high and medium priority risks. These strategies may include risk avoidance, risk transfer, risk reduction, or risk acceptance.

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d. Risk Monitoring: Risks shall be continuously monitored throughout the project lifecycle. Key risk indicators (KRIs) shall be established to track the effectiveness of mitigation measures.

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e. Risk Reporting: Regular risk reports shall be generated and shared with relevant stakeholders, including senior management, project teams, and external partners.

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Roles and responsibilities

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a. Senior Management: Senior management shall be responsible for endorsing the risk management framework, allocating resources for risk management activities, and providing oversight.

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b. Risk Management Committee: A cross-functional risk management committee shall be established to oversee risk management activities, review risk assessments, and escalate critical risks to senior management.

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c. Project Managers: Project managers shall be responsible for conducting risk assessments, developing risk mitigation plans, and implementing risk controls within their projects.

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d. Employees: All employees shall be responsible for identifying and reporting risks in their respective areas of work, complying with risk mitigation measures, and participating in risk management training and awareness programs.

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Compliance and review

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a. This Risk Management Policy shall be reviewed annually or as needed to ensure its effectiveness and relevance.

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b. Non-compliance with this policy may result in disciplinary action, including but not limited to warnings, retraining, or termination of employment.

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policy adoption

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This Risk Management Policy shall be communicated to all employees upon adoption and made available in the company's policy repository for reference.