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WFP ENTERPRISE RISK MANAGEMENT POLICY
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For many organizations, risk management is about minimizing the risk to achievement of objectives – often by avoiding risks altogether or transferring them to others. WFP is different: by nature, it must accept risk. WFP’s humanitarian goals require its staff to provide life-saving assistance wherever it is needed most, often in countries affected by war, pandemics or
difficulty coping with the effects of climate change, floods or drought.
Enterprise risk management describes the systems and process through which risks are identified and managed throughout an organization. This policy also outlines who is responsible for implementing WFP’s risk management and the procedures for effectively managing risk.
Actions that have increased the understanding and application of risk management principles in WFP include:
the development of both top-down and bottom-up approaches to risk management, including the creation of a corporate risk register;
linking risk and performance management as part of WFP’s planning processes;
extensive staff training in risk identification, assessment and management;
providing support and guidance to WFP’s country offices in carrying out risk assessments; and
establishing a network of performance and risk management champions.
Enterprise risk management is a critical element of effective internal control, which WFP implements in line with recognized best practices. Managing risk is also an essential feature of WFP’s performance management strategy. Performance and risk management are integrated in WFP’s strategic, project and annual planning activities.
WFP provides food assistance in insecure environments where the risks of failing to engage are deemed to outweigh the risks of engagement. The commitment to protecting beneficiaries, staff and the resources entrusted to WFP entails managing those risks to the greatest extent possible. WFP’s decisions to engage are based upon analyses of the benefits of engagement and the costs of risk mitigation.
Enterprise risk management comprises the management of risk across all of WFP – with every business function evaluating its risks on a regular basis. Enterprise risk management helps management to deal with uncertainty, reduce the likelihood of negative outcomes and ensure that WFP achieves its objectives.
The enterprise risk management framework ensures that all contextual, institutional and programmatic risks are considered and analysed. It includes internal control components such as risk appetite, risk identification, risk assessment, risk tolerance and risk response. Together, they ensure effective and efficient management across WFP.
World Food Programme Rome, Italy - Organizational Body
NONE
Management
English
2015
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