scope:

This standard applies to all parts of the business that own and / or manage Level 0 to Level 2 enterprise risks as shown in Figure 1.

The risk management principles detailed in this standard may also be applied to risks at L3, L4 and L5.

NOTE: In these areas further standards or specialist risk management tools and techniques might be more suitable to the management of specific business risks.

Purpose

This standard sets out a principle based approach for the management of Enterprise Risks in Network Rail to enable:

a) the effective and consistent management of all risks to strategic objectives;

b) risks to be managed in accordance with the Risk Management Policy and Board approved corporate risk appetite statements;

c) the identification, prioritisation and management of interrelated risks to support successful delivery of the Company's strategic objectives; and

d) strategic objectives to be managed in accordance with the UK Corporate Governance Code and governance requirements under licence condition 15 of the Network Licence.