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A Risk Management Policy guides how Danish organizations identify, assess, and handle potential threats to their business. It maps out clear steps for protecting assets, reputation, and operations while following Denmark's Financial Business Act and risk management guidelines from Finanstilsynet (the Danish FSA).

The policy typically covers key areas like financial risks, IT security, compliance, and operational safety. It helps teams make smart decisions about which risks to accept, reduce, or avoid - keeping everyone aligned with the company's risk tolerance levels and Danish regulatory requirements. Regular updates ensure it stays current with changing business conditions and new legal demands.

You need a Risk Management Policy when starting or expanding a Danish business, especially in regulated sectors like finance, healthcare, or IT. This policy becomes essential before seeking investment, entering new markets, or when your operations grow complex enough to require systematic risk oversight under Finanstilsynet guidelines.

It's particularly important during major organizational changes, when launching new products, or after experiencing significant incidents. Danish companies often update their Risk Management Policy before annual compliance reviews, when shifting business strategies, or when adapting to new regulations from the Danish FSA. Having it ready before problems arise helps protect your organization and speeds up decision-making during critical moments.

• Operational Resilience Policy: Focuses specifically on business continuity and system reliability, meeting Danish FSA requirements for critical operations protection.
• Enterprise-Wide Policy: Comprehensive coverage for large organizations, addressing all risk categories from financial to reputational risks under one framework.
• Sector-Specific Policy: Tailored to industry requirements, like specialized versions for Danish financial institutions or healthcare providers.
• Project-Based Policy: Shorter-term focus for specific initiatives or ventures, often used in construction or IT projects.
• Simplified SME Policy: Streamlined version for small and medium enterprises, covering essential risks while maintaining compliance.

• Board of Directors: Sets overall risk tolerance levels and approves the final Risk Management Policy, as required by Danish corporate governance rules.
• Risk Management Committee: Drafts and updates the policy, monitors implementation, and reports to the board on risk-related matters.
• Compliance Officers: Ensure the policy aligns with Finanstilsynet requirements and maintain documentation for regulatory reviews.
• Department Managers: Implement policy guidelines within their teams and report risk incidents up the chain.
• External Auditors: Review the policy's effectiveness during annual audits and recommend improvements based on Danish standards.

• Risk Assessment: Map out your organization's key operational, financial, and compliance risks under Danish business regulations.
• Industry Standards: Review Finanstilsynet guidelines and sector-specific requirements for your business type.
• Internal Structure: Document your risk management team, reporting lines, and decision-making processes.
• Control Measures: List existing risk controls and identify gaps needing new procedures.
• Stakeholder Input: Gather feedback from department heads about operational risks and mitigation strategies.
• Documentation System: Set up a system for tracking incidents, responses, and policy updates.

• Purpose Statement: Clear objectives and scope aligned with Danish Financial Business Act requirements.
• Risk Categories: Detailed classification of operational, financial, and compliance risks under Finanstilsynet guidelines.
• Governance Structure: Defined roles, responsibilities, and reporting lines for risk management.
• Risk Assessment Process: Documented procedures for identifying, analyzing, and evaluating risks.
• Control Measures: Specific risk mitigation strategies and internal control mechanisms.
• Review Schedule: Mandatory timeframes for policy updates and compliance checks.
• Incident Reporting: Procedures for documenting and escalating risk events.

A Risk Management Policy differs significantly from an Enterprise Risk Management Framework in several key aspects. While both documents address organizational risks, their scope and application serve different purposes under Danish business law.

• Scope and Detail: A Risk Management Policy provides specific guidelines and procedures for handling identified risks, while the Framework establishes broader organizational principles and structures.
• Implementation Level: The Policy contains detailed operational instructions and responsibilities, whereas the Framework outlines the overall approach and governance structure.
• Review Cycle: Policies typically require more frequent updates to address specific risks and regulatory changes, while Frameworks remain relatively stable over longer periods.
• Compliance Focus: The Policy directly addresses Finanstilsynet's specific requirements, while the Framework creates the foundation for multiple risk-related policies and procedures.