Which document outlines the procedures for identifying, assessing, and treating risks?

The risk management policy is vital as it explicitly defines the framework for identifying, assessing, and treating risks within an organization. This document captures the organization's approach to risk management and establishes the processes, roles, and responsibilities involved in effectively managing risks.

A well-structured risk management policy sets out the methodologies and guidelines for risk assessment, helping teams to consistently evaluate potential threats and vulnerabilities. It also outlines the protocols for responding to identified risks, including risk avoidance, acceptance, mitigation, or transfer. By establishing these procedures, the policy ensures a systematic approach to risk management that aligns with the organization’s goals and compliance requirements.

Other documents like an operational manual may address day-to-day processes and procedures but remain focused on routine operations rather than the broader risk management context. Compliance documentation typically centers on regulatory requirements rather than the specific processes for managing risks. Similarly, a service level agreement (SLA) focuses on the expected level of service between parties and is not designed to provide a framework for risk management. Thus, the risk management policy stands out as the comprehensive resource that encompasses all aspects of risk identification, assessment, and treatment.