INTRODUCTION
Risk is defined as being the effect of uncertainty on objectives. It may be positive or a negative effect.
Risk management is defined as being the coordinated activity to direct and control an organization with regard to risk.
Risk management can also be defined as the process of identifying, quantifying and managing the risk an organization faces in regard to the management of office record. The objective is to maximize the positive effects of risk and to minimize the negative effects of risk.
The Risk Management Framework
A risk management framework is the ‘set of components that provide the foundations and organisational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management throughout the organisation’.
The risk management framework should include a risk management strategy, policy, a stakeholder engagement plan, and governance structure. Records managers should be aware of the risk management framework that exists in the agency. This is due to the importance of aligning the records management and risk management functions across the agency. Alignment enables records related risks and business risks with a recordkeeping component to be identified and addressed consistently. Alignment may be achieved by:
• Ensuring that the risk management strategy includes recordkeeping requirements;
• Aligning the risk and records management policies;
• Regular communication between the records management and risk management teams;
• Identifying any risks associated with the agency’s current records management practices and procedures through regular self-assessments and internal audits;
• Emphasising records management as a good risk mitigation tool as poor recordkeeping practices increase the agency’s liability and risk sensitivity;
• Ensuring that potential risks are