Cannabis Risk Management Framework
The intent of these videos is to assist members’ understanding of the commercial cannabis handbook; specifically, how a CCCE describes risk management concepts and approaches cannabis risk management problems and solutions.
Experts should be able to express themselves accurately and efficiently within the larger ACCCE community. To do so, an expert must be able to describe the components of the Cannabis Risk Management Framework (or CRMF), understand the vernacular used to describe and implement the CRMF, and understand how the CRMF and risk program are related.
Internal Control Environment
Review how the internal control environment sets the risk management tone from the top, resulting in standards that become ingrained in company culture. Understand how a risk policy formalizes the internal control environment principles.
Review the purpose of a risk assessment, how it informs risk profile and risk appetite, and how often it should be updated as the business grows and risks change over time.
Identify the three key elements to implementation of effective control activities and learn how they help a commercial cannabis business manage risks at, or below, its risk tolerance.
Information and Communication
Understand how to provide information and communication to clarify key risks as they relate to business objectives, and how they help ensure that stakeholders are aware of their responsibilities for managing risk.
Review the importance of risk-based training, and how it empowers employees to manage their risks and responsibilities within the company.
Review how assurance activities provide for the continuous monitoring and testing of the risk management function. Understand the difference between independent and non-independent audits.
Designing a Risk Program
Review how commercial cannabis businesses stay ahead of changes to regulations, industry practices, technology, and other internal and external factors that can have a potential impact on business operations with implementation of a change management program.