Risk Management System Policy

In order to achieve these directions, the Risk Management System Policy focused on the following:

• Identifying, evaluating, monitoring, and reviewing risks, reporting them, and dealing with them effectively according to the guidelines of the International Standard ISO 31001 and the requirements of the work systems applied in the Ministry.
• Predicting potential risks, estimating their probability of occurrence, severity, and level, and implementing treatment plans as well as providing the necessary resources.
• Applying the risk management system and its operations to the work systems applied in the Ministry, such as the asset management system ISO 55001, business continuity ISO 22301, good governance ISO 37000, and the integrated administrative system.
• Linking and integrating risk management with the Ministry’s policy, objectives, systems, operations, and performance indicators.
• Developing risk treatment plans to ensure the effective application of the risk management system.
• Periodically reviewing the risk management and acceptance levels and making informed decisions in mitigating, eliminating, sharing, or tolerating risks.
• Reviewing the policy and context of the risk management system annually to ensure its consistency with the objectives and expectations of senior management and stakeholders.
• identifying the authorities, responsibilities, and accountability towards risk management and balance between innovations and change and associated risks.
• Enhancing the culture of risk management in the Ministry and raising the awareness of employees of its importance and understanding of each individual in the Ministry his responsibility in risk management.
• Encouraging the reporting of new and emerging risks.
• Determining risk tolerance and acceptance. Continuously improving the risk management system.