M_o_R combines an overall approach with a set of processes and principles. It also shows people how to embed these practices, review them, and where necessary adapt them to changing circumstances.
To manage risk over the long term, risk management must be embedded, reviewed and constantly improved. At the heart of M_o_R lies three core concepts:
- M_o_R Principles: these recognize that risk management is a subset of internal controls
- M_o_R Approach: principles must be adapted to each organization - and agreed and clearly defined
- M_o_R Processes: six distinct process steps ensure that risk is systematically identified, assessed and controlled.