29 / 66
Isle of Man Financial Services Authority Annual Report 2016/17 • 25
EMERGING R I SKS AND
INTERNAT IONAL
During the period of this report, the Authority determined that it
should give some additional focus to emerging risks and international
developments.
As a first stage, it was decided to more formally adopt an Enterprise Risk Management approach across
the Authority. This work has commenced and the intention is to formalise each Divisional Risk Register
into a more common format with a focus on Strategic Objectives, the threats to the achievement of those
objectives and the risks that arise out of those threats.
In future, there will be additional focus placed upon the measurement of impact and likelihood of the
threats materialising and on the controls in place to reduce the impact and / or likelihood of those risks
occurring. This will then assist in more easily identifying, prioritising and addressing the key risks to the
Authority, including the allocation of its resources.
During the forthcoming year, the Authority will be looking to establish a more forward-looking approach
to emerging risks.